Pan Asia Bank said this week that its post-tax profit for the first half of this year was Rs 356 million while operating income rose by 22 per cent from the previous 2011 period. “The improvement in the operating income is mainly on account of growth of net interest income which showed an improvement of [...]

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The Sundaytimes Sri Lanka

Pan Asia says operating income up by 22%

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Pan Asia Bank said this week that its post-tax profit for the first half of this year was Rs 356 million while operating income rose by 22 per cent from the previous 2011 period. “The improvement in the operating income is mainly on account of growth of net interest income which showed an improvement of 18% and non fund based income which improved by 36% as compared with the same period last year. This growth is despite the one off commission income that the bank gained from the issue of guarantees during last year for IPO’s.

The bank maintained its net interest margins at satisfactory levels despite the increasing cost of deposits that prevailed during the year,” the bank statement said. The cost of overheads had risen by 43% as compared with the same period the previous year due to the branch expansion and related activities that were undertaken during the last 18 months.  The bank grew its branch network by over 56 per cent with seven more branches this year raising the number to a total of 71 branches island-wide.




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