Pan Asia Bank’s post-tax profit of over Rs.4.1 bn
View(s):Pan Asia Banking Corporation PLC has seen a stellar year of growth and profitability in 2024, with an increase in Profit After Tax (PAT) of 123 per cent and Profit Before Tax (PBT) surging by more than 159 per cent.
This growth is reflective of the robust portfolio management, positive outcome of the sovereign debt restructuring process and commitment to generating sustainable profits, the bank said in a media release. The bank ended the financial year 2024 with a PAT of Rs.4.13 billion to report an Earnings per Share (EPS) that more than doubled to reach Rs. 9.34. The bank’s robust performance was complemented by the ability to navigate external challenges adeptly.
In line with this impressive performance, the Board of Directors have proposed payment of a dividend of Rs. 1.00 per share by a four-fold marking compared to the previous year.
During 2024, the Sri Lankan economy achieved significant strides in restoring macroeconomic stability and maintaining the stability of its financial system. According to the World Bank, Sri Lanka’s economy is projected to show moderate growth of around 4.4 per cent in 2024, signifying signs of stabilisation after the severe downturn in 2022; this growth is primarily driven by a rebound in the industrial sector, particularly construction and food manufacturing, along with a strong performance in tourism-related services.
The bank’s commitment to asset quality was reflected in maintaining one of the lowest stage 3 loan ratios in the industry of 3.10 per cent as at end of the year 2024 – a testament to its rigorous credit risk management and underwriting standards.
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 2024 affirm that we are well-positioned to achieve our financial goals.”
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