Good Quarter

Aug 04, 2009 (LBO) – Sri Lanka’s Pan Asia Banking Corporation (PABC) June quarter profits shot up 346 percent on strong net interest income and higher fee income despite rising bad loans, interim results showed.

In the first six months of 2009, the banks performing loan book was up 12.2 percent to 10.66 billion rupees, while non-performing loans were up 34.4 percent to 2.56 billion rupees from the first six months of 2008.

Overdrafts facilities given to customers were down 1.0 percent to 3.86 billion rupees, while non performing overdrafts were also up 18.3 percent to 900 million rupees, the bank’s financial results showed.

PABC’s portfolio classified as ‘other loans’ were up 31.3 percent to 6.17 billion rupees, while non-performing other loans were also up 55.3 percent to 1.03 billion rupees.

PABC’s net loans and advances were up 13.1 percent to 11.7 billion dollars in the first six months of 2009.

For the first six months, bank deposits grew by 19.1 percent to 14.76 billion rupees from the same period of 2008, its quarterly financial statements said.

Time deposits were down 32.3 percent to 9.06 billion rupees, while demand deposits had shrunk 23.2 percent to 1.58 billion rupee