LBO - Pan Asia Banking Corporation PLC reported Rs 498 million in profit before tax for the quarter ended in March 31, 2018 (1Q’18) powered by a steady growth in new loans and improvement in overall margins which was resulted by prudent asset – liability pricing amidst rising market interest rates.
This enabled the bank to increase its net interest income by 11.0 % to Rs.1.34 billion for the quarter from Rs.1.21 billion recorded in the same period last year.
Meanwhile the core banking performance was aptly supported by the non-fund based incomes such as fee incomes and trading gains. The bank managed to increase its net fee and commission income by a modest 8.0 % to Rs.368.12 million from the same period in 2017.
Meanwhile the net trading gains rose sharply to Rs. 199.58 million during the quarter from Rs.69.83 million in the same period a year ago as the bank sold its short term investments in the trading portfolio realizing a sizable capital gain.
As a result of these fund and non-fund based incomes, the bank increased its total operating income by 17 % on year to Rs.1.99 billion.
Pan Asia Bank’s Director/ Chief Executive Officer Nimal Tillekeratne said although the bank witnessed a temporary slowdown in the bottom-line during its first quarter, the bank is now on a path of steadfast growth with built in resilience across all areas of operations which will reflect positively in the financial results in the coming quarters.
This enabled the bank to increase its net interest income by 11.0 % to Rs.1.34 billion for the quarter from Rs.1.21 billion recorded in the same period last year.
Meanwhile the core banking performance was aptly supported by the non-fund based incomes such as fee incomes and trading gains. The bank managed to increase its net fee and commission income by a modest 8.0 % to Rs.368.12 million from the same period in 2017.
Meanwhile the net trading gains rose sharply to Rs. 199.58 million during the quarter from Rs.69.83 million in the same period a year ago as the bank sold its short term investments in the trading portfolio realizing a sizable capital gain.
As a result of these fund and non-fund based incomes, the bank increased its total operating income by 17 % on year to Rs.1.99 billion.
Pan Asia Bank’s Director/ Chief Executive Officer Nimal Tillekeratne said although the bank witnessed a temporary slowdown in the bottom-line during its first quarter, the bank is now on a path of steadfast growth with built in resilience across all areas of operations which will reflect positively in the financial results in the coming quarters.
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