Feb 16, 2012 (LBO) – Sri Lanka’s Pan Asia Bank said net profit shot up 156 percent to 209 million rupees in the December 2011 quarter from a year ago with sharp gains in non-interest income and lower tax costs. Earnings per share for the December 2011 quarter were 71 cents, according to a stock exchange filing.
Pan Asia Bank’s EPS for the financial year ending December 2011 were 2.79 rupees with net profit up 128 percent to 824 million rupees.
Total performing loans grew 65 percent to 33.2 billion rupees as at December 31, 2011 from a year ago while total assets grew 51 percent to 50 billion rupees.
The bank’s total deposits rose 65 percent to 33.5 billion rupees. Interest income in the December 2011 quarter rose 47 percent to 1.3 billion rupees while interest expenses rose at a faster 83 percent to 702 million rupees, resulting in net interest income going up 19 percent to 592 million rupees.
Non-interest income shot up 180 percent to 186 million rupees, driven mainly by sharp gains in unspecified other income although foreign exchange income also rose by half.
Provision for bad loans rose 75 percent to 16 million rupees