Pan Asia Bank posts Steady Performance

Pan Asia Banking Corporation reported a steady performance reflecting improved macroeconomic conditions as the Bank reported its financial performance during the first half of 2024.

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It showed judicious portfolio management and prudency exercised in dealing with possible fallout on its asset quality in challenging times. The Bank reported a Pre-tax Profit of 1,996 million rupees for the six-month period ended June 30, 2024, which is a 32 percent increase compared to the corresponding period last year, supported by improved net interest income, net fee and commission income, and other operating income.

The Sri Lankan economy has experienced some positive signs of gradual economic recovery and a measure of stability in macro-economic factors compared to the corresponding period last year, with the appreciation of LKR against USD and the IMF bailout, followed by the domestic and foreign debt optimization announcements made by the Government of Sri Lanka.