Pan Asia Bank posts Steady Performance in Nine-Month Period in 2023

Pan Asia Bank reflected a steady performance amidst a multitude of adversities emerging from challenging macroeconomic conditions as the Bank reported its financial performance for the nine-month period of 2023, which showed careful portfolio management and prudency exercised in dealing with possible fallout on its asset quality under high-interest rate regime.

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For the duration of nine months ended September 30, 2023, the Bank reported a Pre-Tax Profit of 2,117 million rupee, which is a 238 percent increase compared to the corresponding period last year, mainly due to increased trading gains from government securities, reduced exchange losses, and reduced credit costs.

The interest income for the nine months in 2023 rose by 55 percent due to increased interest rates that prevailed during the period under review compared to the corresponding period of the previous year and the re-pricing effect of facilities in response to the market conditions. Further, the growth in interest income was supported by the increased interest income from Rupee-denominated securities of the Government of Sri Lanka due to increased investments and the high interest rates offered on such new investments compared to the previous period.