Pan Asia Bank doubles 1Q’15 net profits to Rs. 177 mln
View(s):Pan Asia Banking Corporation PLC (PABC) has posted a net profit of Rs.177 million for the quarter ended March 31, 2015 (1Q’15), up 106 per cent from a year earlier.
The growth in the profit before tax was 231 per cent year-on-year (yoy) to Rs. 270.2 million, the bank said in a media release.
The bank has been able to record this commendable performance due to the growth of its loan book coupled with expanding net interest margin. This has also been amply assisted by the cost discipline demonstrated throughout in delivering its services. Pan Asia Bank closed the 2014 financial year expanding its loan book by 34 per cent, among the highest credit growths by a licensed commercial banks in the country, which continued to 1Q’15 as well, the release said.
Commenting on the first quarter performance, the bank’s Director and CEO, Dimantha Seneviratne said the first quarter performance of the bank is a testament to its prudent management strategies in sustainable asset growth and cost management that provides an ideal platform to reach its financial and other targets set for the remainder of 2015.