Slim Gains

Nov 17, 2008 (LBO) – Sri Lanka’s Pan Asia Bank Corporation said net profit for the September quarter grew 14 percent to 46 million rupees, with tax costs shooting up and foreign exchange gains falling.

Revenues for the September quarter had increased by 32 percent or 200 million to 816 million rupees.

Interest expenses for the quarter had increased by 31 percent or 106 million rupees to 450 million rupees.

In the third quarter the bank’s financial VAT expenses had shot up by 68 percent to 19.9 million rupees.

PABC’s foreign exchange income for the September quarter had dropped by 34 percent to 17.7 million rupees.

The bank’s bottom line for the first nine months had increased to almost 159 million rupees, a 22 percent increase from the same period last year.

For the nine months interest expenses had shot up by 51 percent or 436 million rupees to 1.28 billion rupees from the corresponding period last month.

At the end of nine months revenues had increased to 2.3 billion rupees, an increase of almost 24 percent or 680 million rupees.

PABC’s foreign exchange income for the nine months has dropped by 21 percent to 63 million.

The banks financial VAT