Pan Asia Banking Corporation PLC reported financial performance for the year ended 31 December 2024, witnessing an increase in profit-after-tax (PAT) of 123% and profit-before-tax (PBT) soaring by more than 159%.

As a result, the bank ended the financial year 2024 with a PAT of Rs. 4.13 billion to report an earnings per share (EPS), more than doubled to reach Rs. 9.34.

The Board of Directors have proposed payment of a dividend of Rs. 1 per share by a four-fold marking compared to the previous year.

Meanwhile, during the reporting period, the bank’s operating expenses rose by 20% compared to 2023, with personnel expenses increasing by 32%, primarily due increased staff salaries, bonuses and allowances to recognise and retain staff.

The bank’s cost-to-income ratio rose by 262 basis points, reaching 52.68% from 50.06% in the corresponding period of 2023.

During the year under review, return on equity (ROE) witnessed a noteworthy increase, rising to 17.30% from 8.62% in the previous year, more than doubling within a single year.

Pan Asia Bank 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 2024 affirm that we are well-positioned to achieve our financial goals.”