Pan Asia Banking Corporation PLC (PABC) increased its pre-tax profit by a strong 28% to Rs. 1.39 billion for the nine months ended September 30, 2016 compared to the corresponding period last year. This growth is especially noteworthy given that it was achieved on the back of a modest growth in core-banking operations and fee/commission based income owing to challenging market conditions.
The post-tax profit increased by as much as 21% year-on-year (yoy) to Rs. 905.8 million. Reflecting this robust and sustainable all round growth, the earnings per share rose to Rs. 4.09 from Rs. 3.04 a year ago.
Commenting on the performance Pan Asia Bank Director/ Chief Executive Officer Dimantha Seneviratne said the nine months’ financial results is a clear testament of the bank’s ability to deliver consistent performance even amidst challenging market conditions. “We have throughout been proactive in identifying the market developments. This enabled us to make early inroads in to certain segments and this has been the hallmark of our successful performance. We would continue to remain futuristic and make forward looking decisions to turn opportunity in to realities”. “In recent past we invested not just in system capabilities but also in our people development without which we would not have recorded this stellar performance. With the right structure now in place, our ability to continue this growth momentum in a sustained manner has now become more strengthened than ever” said Seneviratne.