Pan Asia Bank in impressive performance

Pan Asia Banking Corporation PLC reported an impressive performance for the six months period ended 30thJune 2021to report a Pre-Tax Profit of Rs. 1,822Mn and a Post-Tax Profit of Rs. 1,356Mn with growth rates of 27% and 50% respectively, while demonstrating the resilience amidst challenging macro-economic conditions. The Bank’s performance was characterised by strength and resilience despite the heightened uncertainty due to the impact of the COVID-19 pandemic.

Against the backdrop of the COVID-19 impact on the Sri Lankan economy, the Bank’s Operating Profits before VAT on Financial Services reached Rs. 2,245Mn with an increase of 25%reflecting the excellence in core banking performance and the success of cost containment measures evidenced by improvement in all key matrices which now rank among the industry bests. This feat was achieved even after setting aside a sizable provision buffers for the probable deterioration in credit quality due to COVID 19 pandemic.