Apr 28, 2011 (LBO) – Sri Lanka’s Pan Asia Bank said March 2011 quarter net profit shot up 190 percent to 196 million rupees from a year ago with sharp gains in both interest and non-interest income. Earnings per share for the quarter went up to 1.33 rupees from 0.61 rupees, according to interim results filed with the stock exchange.
Interest income rose 41 percent to 940 million rupees in the March 2011 quarter while interest expenses rose at a slower 32 percent to 433 million rupees, enabling net interest income to rise 49 percent to 507 million rupees.
Non-interest income shot up 135 percent to 216 million rupees with other income up 163 percent to 174 million and foreign exchange income up 62 percent to 42 million rupees.
Provision for bad loans rose 46 percent to 12 million rupees.
Value added tax on financial services rose six percent to 50 million rupees but corporate tax went up 111 percent to 138 million rupees.
Total gross loans grew 20 percent to 26.6 billion rupees as at March 31, 2011 from the beginning of the year while total deposits rose 22 percent to 26.2 billion rupees.
The bank’s annualised interest margin fell to 5.97 percent from 6.39 percent as