Pan Asia Banking Corporation PLC (PAB) reported a Pre-Tax Profit of Rs.626 million and a Post-Tax Profit of Rs. 433 million for the period ended September 30, 2022. The bank also increased its net interest income by 11% to Rs. 7,433.6 million.
The Bank increased its provision buffers for loan losses during the period under review by introducing changes to impairment models. The Bank’s Net Fee and Commission Income recorded a growth of 6% mainly due to increased volumes and rates of international trade activities, guarantees and remittances.
The Net Gains from Trading increased by 264% mainly resulting from reporting high premiums in forex swap agreements due to the unconventional developments in the swap market, which was heavily discounted in the previous period.
The Bank strived for earnings maximisation through portfolio re-alignment and cost management despite sector vulnerabilities that prevailed since last year.
The Bank’s total asset base stood at Rs. 205 billion as at September 30, 2022, after posting a growth of 8% during the nine-month period, supported mainly by the expansion in investments and loan book. The Gross Loans and The Advances book recorded a growth of 4% to reach Rs. 157.04 billion, with major contributions from the Retail segment.