PABC sees accelerated growth in 2017
View(s):Pan Asia Banking Corporation PLC (PABC) has seen increased profit in 2017, “demonstrating the resilience in operating in a challenging market place where the margins came under pressure and the growth moderated,” the bank said in a media release.
Pre-tax profit was Rs.1.88 billion while post tax profit was recorded at Rs.1.4 billion, up by 11 per cent from the previous year.
PABC CEO Nimal Tillekeratne said that the overall performance of the bank in 2017 reflects its managed growth in advances due to certain conscious decisions taken with the objective of improving asset quality and other operational aspects.
“2017 has been a complete reset year for us as we did some crucial changes in to our management structure, risk management practices and processes to ensure that we have a stronger foundation in place to take off when we want to. Despite the temporary slowdown in our bottom-line and the portfolio performance in 2017, we reached certain important milestones during the year. Now that we have completed most of the intended reforms, we have already begun to see the results emerging in terms of accelerated growth in our portfolios,” he said in the statement.
The bank raised Rs.2.06 billion in March 2017 via a rights issue to strengthen its capital base to both meet the regulatory capital as well as to fund the future asset growth.
The results for the quarter ended in December 31, 2017 showed reported pre-tax and post-tax profits at Rs.491.9 million and Rs.472.4 million respectively, growing at a robust 23 per cent and 37 per cent each. During 2017, the bank accomplished a key milestone in crossing a Rs.100 billion advances portfolio to end the year with a gross loans and receivables book of Rs.111.4 billion.