by The Invisible Thu Nov 01, 2018 9:56 am
Sri Lanka's Pan Asia Bank Sep net down 13-pct
ECONOMYNEXT - Profits at Sri Lanka's listed Pan Asia Bank fell 13 percent from a year earlier to 260.7 million rupees in the September 2018 quarter, on higher bad loans provisioning and rising operational costs, interim accounts showed.
The bank reported earnings of 2.34 rupees a share in the quarter. For the nine months to end September 2018, earnings were 3.26 rupees a share on a profit of 1.08 billion rupees, up 18 percent from a year earlier, interim accounts filed with the Colombo Stock Exchange showed.
Pan Asia Bank closed 40 cents lower Wednesday at 13.50 rupees.
In the September quarter, net interest income grew 25 percent from a year earlier to 1.6 billion rupees as interest income rose 22 percent to 4.8 billion rupees and interest expenses increased 20 percent to 3.3 billion rupees.
Net fees and commission income rose 28 percent to 2.2 billion rupees.
Bad loans provisioning rose 159 percent to 584.6 million rupees.
Operating costs increased by 14.5 percent to 1 billion rupees.
Pan Asia Bank's deposit base expanded 8 percent from nine months earlier to 116.3 billion rupees at end September, while its loan book grew a faster 12 percent to 122.7 billion rupees.
Non-performing loans were 4.83 percent of total loans at end September 2018, up from 4.36 percent nine months earlier.
Pan Asia Bank reported a net interest margin of 4.01 percent in the quarter, up from 3.61 percent at end December 2017.
At end September 2018, the bank's Tier I Capital Ratio was 10.65 percent, higher than the regulatory minimum of 7.875 percent, but was down from 11.38 percent nine months earlier.
Total Capital ratio was at 12.11 percent, down from 13.53 percent nine months earlier, but higher than the regulatory minimum of 11.875 percent. (COLOMBO, Nov 01, 2018)
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