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Sheer Grit Scan the QR Code with Your Smart Device to View This Report Online Annual Report 2019 Sheer grit Scan the QR Code with your smart device to view this report online. Sheer grit Pan Asia Bank is one of the fastest-growing commercial banks in Sri Lanka. Over the years, we have kept our focus on growth and profitability and today, we are proud to see that our performance rivals that of many of the bigger banks in Sri Lanka. We have nurtured the qualities of innovation, resilience and flexibility into our DNA and these corporate traits have served us well in the uncertain business environment we operate in today. The year under review was certainly a complex one and the reader will see that we have been persevering, resourceful and strategic in delivering the good performance recorded in this report. Now, as we continue to honour our pledge to create consistent stakeholder value, we know we have the skills, the resources, the corporate stability and sheer grit we need to overcome our challenges and grow. PAN ASIA BANKING CORPORATION PLC Annual Report 2019 Contents OVERVIEW FINANCIAL AND INVESTOR INFORMATION About Pan Asia Bank 04 Financial Calendar 124 Financial Highlights 06 Independent Auditors’ Report 125 Accomplishments of the Year 08 Statement of Comprehensive Income 130 Statement of Financial Position 131 Statement of Changes in Equity 132 EXECUTIVE REVIEWS AND MANAGEMENT INFORMATION Statement of Cash Flows 133 Chairman’s Review 10 Notes to the Financial Statements 134 Chief Executive Officer’s Review 14 Compliance with Disclosure Requirements Specified by the Board of Directors 18 Central Bank of Sri Lanka 222 Corporate Management 22 Basel III Pillar 3 Disclosures 226 Senior Management 28 Quarterly Statistics 256 Analysis of Loans and Advances 257 Analysis of Due to Depositors 258 MANAGEMENT DISCUSSION AND ANALYSIS Sources & Distribution of Income 259 Macro Economic Review 32 Value Added Statement 260 Financial Review 34 Decade at a Glance 261 Future Outlook 38 Investor Relations 262 Business Review 40 Glossary of Financial & Banking Terms 267 Key Product Offerings 43 Notice of Meeting 272 Branch Network 46 Form of Proxy 275 Correspondent Banks 50 Corporate Social Responsibility 52 Human Capital 54 Risk Management 62 GOVERNANCE Corporate Governance 70 Directors’ Statement on Internal Control Over Financial Reporting 101 External Auditors’ Assurance Report on Bank’s Internal Control Over Financial Reporting 103 Board Audit Committee Report 104 Board Integrated Risk Management Committee Report 106 Board Human Resources and Remuneration Committee Report 107 Board Nomination Committee Report 108 Board Credit Committee Report 109 Board Strategic Planning Committee Report 110 Board Related Party Transaction Review Committee Report 112 Board Recoveries Committee Report 113 Annual Report of the Board of Directors’ on the Affairs of the Bank 114 Directors’ Interest Register 117 Directors’ Other Directorships 119 Directors’ Responsibility for Financial Reporting 120 CEO’s and CFO’s Responsibility for Financial Reporting 121 Bank’s Compliance with Prudential Requirements 122 2 DETERMINED TO ACHIEVE “Persistence can change failure into extraordinary achievement.” - Marv Levy OVERVIEW About Pan Asia Bank 04 Financial Highlights 06 Accomplishments of the Year 08 3 PAN ASIA OVERVIEW BANKING CORPORATION PLC Annual Report 2019 About Pan Asia Bank 2019 financial year posed serious systemic challenges to the wider banking industry and proved to be a testing year for Pan Asia Bank as well. The manner in which the Bank responded to those challenges and emerged triumphant to post its highest-ever financial performance reflects the robust fundamentals embedded in our DNA. The year was one of reckoning for Pan Asia Bank as it was able to withstand enormous pressure to deliver significant returns to investors and customers. Exercising the highest caution, coupled with highly-effective risk and governance frameworks, the Bank was able to field every challenge with elan while leveraging on its robust system and processes. Another pillar of our performance is the professional and highly-caring team of employees at Pan Asia Bank, whose superhuman effort and ability to think innovatively helped drive the Bank’s prosperity. In return, Pan Asia Bank provides an empowering work culture and an atmosphere of continuous learning. The internal and external relationships built over its 24 years of its operations continue to endure and weather any and every hardship along the way. Pan Asia Bank has truly found its groove - as a Bank that supports and uplifts the SME sector, widely considered to be the backbone of Sri Lanka’s economy. Our sustainable finance has won us the ‘Global Climate Partnership Award’ from the Global Climate Partnership Fund (GCPF). This recognition has boosted our confidence and expanded our reach to support worthy sustainable projects that will transform livelihoods and enable small businesses to thrive. Strengthening its recognition as a Truly Sri Lankan Bank, Pan Asia Bank continue to deliver a range of beneficial community projects that benefit the community and the environment and extend a sense of togetherness and hope. Growing from strength to strength with each passing year, Pan Asia Bank is ideally poised to be the most progressive bank powered by sheer grit. 4 SHEER GRIT OUR VISION OUR MISSION OUR VALUES To become the most We will create the largest Act with Courage Strive for Excellence customer preferred satisfied customer base and Integrity We will put forth our best to commercial bank in by providing professional, We stand firm for provide the highest quality Sri Lanka. personalised, secure, what is right, and work of Banking services by quality banking and financial with absolute trust understanding customer services, using modern and confidence in all needs and exceeding our dealings. technology and innovative expectations. products. We will delight our customers, create a better Dependability Commitment future for employees and We demonstrate consistent We are dedicated to the enhance stakeholder value. performance by fulfilling success of our organisation expectations, be personally and stakeholders, including accountable to deliver customers, employees and on commitments. ourselves. Team Work Mutual Trust and Respect We are a group of strong We connect to customers, and diverse individuals who communities, regulators and collaborate with each other each other with respect, and are unified by a clear dignity and with mutual trust. common purpose. 5 PAN ASIA OVERVIEW BANKING CORPORATION PLC Annual Report 2019 Financial Highlights 2019 2018 Change % Results for the Year (Rs. Mn) Gross Income 21,907.66 21,672.19 1.09 Net Interest Income 6,634.59 6,518.29 1.78 Total Operating Income 9,065.09 8,926.62 1.55 Operating Profit Before Taxes and Levies on Financial Services 3,402.68 2,600.66 30.84 Profit Before Tax 2,314.14 1,909.66 21.18 Profit for the Year 1,750.57 1,541.64 13.55 Total Comprehensive Income for the Year 2,082.14 1,560.03 33.47 Position at the Year End (Rs. Mn) Loans and Advances -Gross 117,503.18 113,494.42 3.53 Total Assets 152,979.70 154,026.28 (0.68) Due to Depositors 122,544.02 118,627.35 3.30 Shareholders' Funds 13,328.79 11,246.64 18.51 Financial Ratios (%) Net Interest Margin 4.36 4.37 (0.23) Return on Equity 14.50 13.73 5.61 Return on Assets 1.15 1.03 11.65 Cost to Income Ratio 50.26 48.88 2.82 Investor Ratios Earnings per Share (Rs.) 3.96 3.48 13.79 Net Assets Value per Share (Rs.) 30.12 25.41 18.54 Market Price per Share (Rs.) 12.80 14.80 (13.51) Earnings Yield (%) 30.94 23.51 31.60 Price Earnings Ratio (Times) 3.23 4.25 (24.00) Price to Book Value (Times) 0.42 0.58 (27.59) Statutory Ratios Capital Adequacy Ratio Common Equity Tier I Capital Ratio (%) (Minimum Requirement - 7%) 12.87 11.51 11.82 Total Tier I Capital Ratio (%) (Minimum Requirement - 8.5%) 12.87 11.51 11.82 Total Capital Ratio (%) (Minimum Requirement - 12.5%) 14.31 13.32 7.43 Leverage Ratio (%) (Minimum Requirement - 3%) 7.06 N/A N/A Statutory Liquid Assets Ratio (Minimum Requirement - 20%) Domestic Banking Unit (%) 24.93 29.17 (14.54) Foreign Currency Banking Unit (%) 23.61 20.09 17.52 Liquidity Coverage Ratio (Minimum Requirement -100%) Rupee (%) 128.84 166.08 (22.42) All Currency (%) 165.02 136.52 20.88 Net Stable Funding Ratio (%) (Minimum Requirement - 100%) 128.24 N/A N/A Assets Quality Ratios Non Performing Loans Ratio (%) Gross 6.31 5.44 15.99 Net 2.82 3.08 (8.44) 6 SHEER GRIT INTEREST INCOME OPERATING PROFIT PROFIT FOR THE YEAR Rs. Mn Rs. Mn Rs. Mn 20,000 3,500 2,000 3,000 15,000 1,500 2,500 2,000 10,000 1,000 1,500 1,000 5,000 500 500 0 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 GROSS INCOME TOTAL OPERATING INCOME Rs.21,907.66Mn Rs.9,065.09Mn INVESTOR RELATIONS EMPLOYEE RELATIONS Rs.3.96 14.50% 1,629 285 Earnings per Share Return on Equity Staff Strength Internal Promotions Rs.30.12 30.94% 57,217 Rs.25.72Mn Net Assets Value per Share Earnings Yield Training Hours Investment for Human Capital Development CUSTOMER TOUCH POINTS CUSTOMER DEPOSITS AND ADVANCES 85 88 Branches ATMs & CDMs Rs.122.54Bn Customer Deposits CORRESPONDENT BANKS Correspondent Rs.117.50Bn Banking Relationships Loans & Advances 200+ around the World TAXES PAID TO GOVERNMENT TOTAL ASSETS Rs.2.31Bn Rs.152.98Bn 7 PAN ASIA OVERVIEW BANKING CORPORATION PLC Annual Report 2019 Accomplishments of the Year 1 FIRST SRI LANKAN BANK TO BE RECOGNISED WITH THE ‘GLOBAL CLIMATE PARTNERSHIP AWARD’ Pan Asia Bank was rewarded with the prestigious ‘Global Climate Partnership Award’ by the Global Climate Partnership Fund (GCPF), one of the world’s largest climate funds which recognises outstanding performance and impact across categories such as capacities and skills, institutional capacities and green lending offerings, as well as outstanding energy efficiency or renewable energy projects.
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