Pan Asia Banking Corporation (PABC) posted its financial performance for the nine months ended 30 September.

Supported by improved net interest income, fee and commission income, other operating income and reduced credit costs, the bank reported a pre-tax profit of Rs. 3.22 billion for the nine months ended 30 September; a 52% increase compared to the corresponding period last year.

Moreover, the bank reported a profit-after-tax (PAT) of Rs. 2.22 billion for the same period, which is a 78% increase compared to the previous year. The bank reported earnings per share (EPS) of Rs. 5.01 for the nine months period ended 30 September.

The bank reported a net interest margin (NIM) of 4.84% for the nine months ended 30 September. Meanwhile, the bank reported a return on equity (ROE) of 12.67% and a pre-tax return on assets (ROA) of 1.77% for the period under review. The bank’s net asset value per share as of 30 September stood at Rs. 55.81.

The bank’s ‘stage 3 loan ratio’ improved to 3.80% as of 30 September from 4.36% as of the last year-end while ‘stage 3 provision cover’ increased to 52.65% as of 30 September from 47.13% as of last year-end.

The bank maintains all its capital and liquidity ratios well above the regulatory minimum standards. The bank’s tier 1 capital ratio and total capital ratio as of 30 September stood at 15.20% and 17.08% respectively. Further, the bank’s leverage ratio stood at 7.05% as of 30 September.

PABC Director and CEO Naleen Edirisinghe said: “Pan Asia Bank continues to demonstrate resilience despite external challenges by delivering on the fundamentals. Our solid financial and operational results for the nine-month period of the year 2024 demonstrate that we are well positioned to achieve the financial goals of the bank.”

“The spirit of innovation continues to drive Pan Asia Bank as we make notable strides in the digitalisation of our products and services, backed by an industry best team, thereby paving the way to achieve new milestones in the coming year,” Edirisinghe added.