Steady 1Q2024 performance from Pan Asia Bank
View(s):Pan Asia Banking Corporation PLC has reported its financial performance during 1Q 2024, which showed judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality in challenging times.
The bank reported a Pre-tax Profit of Rs. 796 million for the quarter ended 31st March 2024, which is 47 per cent increase compared to the corresponding quarter last year, supported by improved net interest income, net fee and commission income, and other operating income, it said in a statement.
The Sri Lankan economy experienced some positive signs of gradual economic recovery and a measure of stability in macro-economic factors compared to the corresponding quarter last year, with the appreciation of LKR against USD and the IMF bailout followed by the Domestic Debt Optimisation (DDO) announcement.
The models used regarding collective impairment in 2023 were continued in 1Q 2024 to ensure that adequate provision buffers were in place to absorb any potential credit risk that could arise in the future. The allowance for overlays applied in 2023 were continued and maintained during 1Q 2024 as well.
The bank said since the latter part of 2023, market interest rates for both lending and deposit interest rates have gradually come down in line with the policy decisions of the Monetary Board of the Central Bank to reduce policy rates couple of times.
“Other operating income” has increased significantly by 293 per cent due to the prudently managed FX Positions with the appreciation of LKR against USD from Rs. 324 to Rs. 300 during 1Q 2024.
The bank reported a Profit after Tax (PAT) of Rs. 363 million in 1Q 2024 which is a 12 per cent increase compared to the corresponding quarter last year.
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