ECONOMYNEXT – Profits at Sri Lanka’s Pan Asia Bank fell 13 percent from a year earlier to 272 million rupees in the March 2019 quarter amid a higher tax bill and a pick-up in non-performing loans, interim accounts showed.
The bank reported earnings of 2.49 rupees per share for the quarter.
Interest income grew 12 percent to 4.8 billion rupees in the quarter from a year earlier, and interest expense grew at a slower 10 percent to 3.28 billion rupees and helping net interest income grow 16 percent to 1.55 billion rupees.
Loan losses grew to 376 million rupees in the quarter from 305 million rupees in the quarter from a year earlier.
Performing loans fell 4 percent to 104 billion rupees in the March quarter from December.
The gross non-performing loan ratio (net of interest in suspense) grew to 5.85 percent by the end of the March quarter from 5.44 percent in December.
Deposits fell 4 percent to 114 billion rupees.
Gross assets contracted 1 percent to 152 billion rupees. Net assets were flat at 3.61 billion rupees.
Total capital adequacy increased to 13.32 percent by end March from 13.32 percent amid weak loan growth. (Colombo/Ma20/2019)