Pan Asia Bank’s Rs.272 m profit in March quarter
View(s):Pan Asia Banking Corporation PLC managed to maintain a steady performance during the first quarter ended in March 31, 2019 (1Q’19) with the top-line rising 16 per cent.
The bank recorded a net interest income of Rs.1.55 billion for the three months, up 16 per cent from the same period in 2018 as the growth in interest income surpassed the growth in the interest expenses for the period, it said in a media release.
“What we witnessed during the past quarter was a culmination of challenges from across all spheres resulting in slowing down of the growth in the sector which could continue even in the current quarter,” said Nimal Tillekeratne, Pan Asia Bank’s Director/CEO.
During the three months, the bank reported a total operating income of Rs.2.1 billion compared to Rs.1.99 billion in the same period last year.
The bank reported Rs.272.2 million in earnings during the January – March quarter compared to Rs.312.8 million in the corresponding quarter in 2018 as the impact from the debt repayment levy took toll on the after tax profits.