Pan Asia Bank posts firm results in first 9 months of 2024
View(s):Pan Asia Banking Corporation PLC has reported a resilient financial performance for the 9-month period ended 30th September 2024 amidst diverse challenges emerging from the improved but challenging macro-economic environment.
The bank’s financial performance in the current period demonstrated excellence in core banking performance, judicious portfolio management and prudency in navigating a possible fallout on its asset quality. Supported by improved net interest income, fee and commission income and other operating income and reduced credit costs, the bank reported a Pre-tax Profit of Rs. 3.22 billion for the 9 months period ended 30th September 2024, which is 52 per cent increase compared to the corresponding period last year, the bank said in a media release.
The Sri Lankan economy has experienced some positive signs of gradual economic recovery and a measure of stability in macro-economic factors compared to the corresponding period last year, with the appreciation of LKR against USD and the IMF bailout followed by the domestic and foreign debt optimization announcements made by the Government of Sri Lanka.
The models used regarding collective impairment in 2023 were continued in 9 months period ended 30th September 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 the 9 months period ended 30th September 2024 as well.
Since the latter part of 2023, the market interest rates for both lending and deposits have gradually come down in line with the policy decisions taken by the Monetary Board of the Central Bank to reduce the policy rates couple of times. Thus, the bank’s interest income of the 9 months period 2024 has decreased by 19 per cent compared to the corresponding period last year, due to its response to the market conditions.
Commenting on the bank’s performance, Naleen Edirisinghe, Director and CEO of Pan Asia Bank said, “Pan Asia Bank continues to demonstrate resilience despite external challenges by delivering on the fundamentals. Our solid financial and operational results for the 9-month period of the year 2024 demonstrate that we are well positioned to achieve the financial goals of the bank.”
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