Pan Asia Bank recorded an impressive 265 % growth in profit after tax for the financial year ended December 31, 2014 to post Rs. 415.2 million on the back of strong core-banking performance, non-fund based income and efficient cost management.
The pre-tax profit too grew by three folds to Rs. 538.4 million. These results were achieved in spite of substantial provision for impairment on loans and other losses of Rs.815 million.
The bank's December quarter (4Q'14) results too followed suit with a profit of Rs.138.1 million for the quarter setting the stage for a sustainable growth momentum in the years ahead. The bank's top line measured by the Net Interest Income (NII) rose by a commendable 350 % year-on-year (yoy) in the 4Q'14 to Rs.850.1 million and 31 % for the whole year to Rs. 2.7 billion due to significantly higher growth in loan book and prudent asset and liability management.
Loans and receivables has grown by 34% to Rs. 63.3 billion which is by far the highest in the industry amid lackluster demand for credit in the economy as the private credit grew by only 9 % in 2014. The bank has successfully managed the narrowing banking sector margins by increasing its Net Interest Margin (NIM) by 13% to 3.82% as the drop in the bank's cost of deposits outweighed the drop in loan yields in the lower interest environment.
The pre-tax profit too grew by three folds to Rs. 538.4 million. These results were achieved in spite of substantial provision for impairment on loans and other losses of Rs.815 million.
The bank's December quarter (4Q'14) results too followed suit with a profit of Rs.138.1 million for the quarter setting the stage for a sustainable growth momentum in the years ahead. The bank's top line measured by the Net Interest Income (NII) rose by a commendable 350 % year-on-year (yoy) in the 4Q'14 to Rs.850.1 million and 31 % for the whole year to Rs. 2.7 billion due to significantly higher growth in loan book and prudent asset and liability management.
Loans and receivables has grown by 34% to Rs. 63.3 billion which is by far the highest in the industry amid lackluster demand for credit in the economy as the private credit grew by only 9 % in 2014. The bank has successfully managed the narrowing banking sector margins by increasing its Net Interest Margin (NIM) by 13% to 3.82% as the drop in the bank's cost of deposits outweighed the drop in loan yields in the lower interest environment.
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