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COMMITTED to GROW Annual Report 2018 Scan the QR Code with Your Smart Device to View This Report Online COMMITTED TO GROW Annual Report 2018 Scan the QR Code with your smart device to view this report online. COMMITTED TO GROW Pan Asia Bank has always been a reliable bank and we have consistently kept our pledge to deliver superior banking products and services while offering increasing value to our stakeholders. We are known for our wealth of experience and bold attitude – the resources of extraordinary talent combined with solid expertise that guarantee our customers excellence in financial solutions, delivered across diverse digital platforms. The year reviewed in this report has been a challenging one, yet your Bank has continued to move forward on multiple fronts. Our leadership remains confident and focused on our commitment to optimum growth, as we anticipate better opportunities for sustainable value creation in the years ahead. Pan Asia Banking Corporation PLC - Annual Report 2018 CONTENTS OVERVIEW Chairman’s Review 04 About Pan Asia Bank 06 Financial Highlights In the face of the challenges that 08 Accomplishments of the Year prevailed during the period under consideration, the Bank’s financial MANAGEMENT INFORMATION AND performance was noteworthy... EXECUTIVE REVIEWS Page - 10 10 Chairman’s Review 14 Chief Executive Officer’s Review 22 Board of Directors 26 Corporate Management 30 Senior Management MANAGEMENT DISCUSSION AND ANALYSIS Chief Executive Officer’s Review 34 Macro Economic Review This year has been a year of 36 Financial Review transformation for Pan Asia Bank as 40 Future Outlook we continued to add more muscle into 42 Business Review 45 Key Product Offerings our systems, processes and staff to 48 Branch Network make your Bank more future ready... 52 Correspondent Banks Page - 14 54 Corporate Social Responsibility 56 Human Capital 63 Risk Management GOVERNANCE 72 Corporate Governance Management Discussion and Analysis 102 Directors’ Statement on Internal Control Over Financial Reporting 104 External Auditors’ Assurance Report on Bank’s Internal Control One main noteworthy aspect of the Over Financial Reporting Bank’s performance in 2018 was its 105 Board Audit Committee Report 107 Board Integrated Risk Management Committee Report conscious efforts towards supporting 108 Board Human Resources and Remuneration Committee Report the Micro, Small and Medium 109 Board Nomination Committee Report Enterprises (MSMEs) which functions 110 Board Credit Committee Report as the lifeblood of our economy... 111 Board Strategic Planning Committee Report 113 Board Related Party Transaction Review Committee Report Page - 33 114 Annual Report of the Board of Directors’ on the Affairs of the Bank 117 Directors’ Interest Register 119 Other Directorships 120 Directors’ Responsibility for Financial Reporting 121 CEO’s and CFO’s Responsibility for Financial Reporting 122 Bank’s Compliance with Prudential Requirements Financial and Investor Information FINANCIAL AND INVESTOR INFORMATION Our financial achievements during 124 Financial Calendar 2018 continued to demonstrate the 125 Independent Auditors’ Report benefit of our strong retail business 130 Statement of Comprehensive Income 131 Statement of Financial Position placed within our diversified business 132 Statement of Changes in Equity model and our ability to perform well 133 Statement of Cash Flows in a challenging industry landscape... 134 Notes to the Financial Statements 229 Compliance with Disclosure Requirements Specified by Page - 123 the Central Bank of Sri Lanka 230 Basel III Pillar 3 Disclosures 258 Quarterly Statistics 259 Analysis of Loans and Advances 260 Analysis of Due to Depositors 261 Sources & Distribution of Income 262 Value Added Statement 263 Decade at a Glance 264 Investor Relations 270 Glossary of Financial & Banking Terms 275 Notice of Meeting 279 Form of Proxy 2 SUSTAINING LIVES 04 About Pan Asia Bank 01 06 Financial Highlights Overview 08 Accomplishments of the Year Pg 04-08 3 Pan Asia Banking Corporation PLC - Annual Report 2018 About Pan Asia Bank Our 23–year journey has been one that is filled with achievements, challenges and learning experiences … rendering us all the more resilient. There certainly are some life truths we have learnt along the way that are shaping our future trajectory and ethos for the better. Firstly, we no longer believe we are just in the banking business; but that we are in the business of building relationships that are steadfast and which will endure. Strong relationships with our customers and other stakeholders matter most to us, because in this day and age, where technology is replacing human interaction, we still believe there is no substitute to personalised relationships when it comes to fulfilling the financial needs of our clients. After all, they are entrusting us with their financial future. Our realisation has helped us align with our tagline, ‘The Understanding Bank’, in the most optimal way. The year under review was a tightrope walk in more ways than one. Despite the challenging external conditions, we remained strong and steady because we hold an unwavering faith in ourselves - that we can overcome these challenges and prevail as a great, not just a good, bank. Our introspective nature has empowered us to convert headwinds into tailwinds. Yet, our task is not done. For that we have the patience, and more importantly, we have the resolve to take the right decisions. Fortunately, our resources are well in place with the right tools to help us deliver on our brand promise. Our corporate culture, the values and the belief system are all directed at providing you with the best financial solution; whether you want to build your dream house or whether your business needs expansion to make it to the next level or whether you want the highest return for your investment or whether you need the full financial independence during your retirement. Whatever that may be, we have the right solution. Our balance sheet will tell you a lot, but not about the youthful, dynamic and experienced people that make us who we are. Our people have been equipped with the right skills and attitude to listen to you patiently so that they truly understand you better. Speed, compassion, efficiency and agility are their strengths. Just as we celebrate our success this year, we remain mindful of some unresolved challenges we have to address going forward, for the way we respond to them will determine our future. This is where the strength of our leadership demonstrates its credentials, steering the Bank through the choppy waters, focusing on raising capital and overcoming challenges posed by external environment. Despite a year of external upheavals, we remain secure in our skin and optimistic about what lies ahead. We have stoked our engines and they are fired up and ready to roar, delivering excellent results in the ensuing year and beyond. 4 Pan Asia Banking Corporation PLC - Annual Report 2018 Overview Management Information and Executive Reviews Management Discussion and Analysis Governance Financial and Investor Information Our Vision To become the most customer preferred commercial bank in Sri Lanka. Our Mission We will create the largest satisfied customer base by providing professional, personalised, secure, quality banking and financial services, using modern technology and innovative products. We will delight our customers, create a better future for employees and enhance stakeholder value. Our Values Act with Courage and Integrity Strive for Excellence We stand firm for what is right, and work We will put forth our best to provide with absolute trust and confidence in all the highest quality of Banking services our dealings. by understanding customer needs and exceeding expectations. Dependability We demonstrate consistent performance Commitment by fulfilling expectations, be personally We are dedicated to the success of our accountable to deliver on commitments. organisation and stakeholders, including customers, employees and ourselves. Team Work We are a group of strong and diverse Mutual Trust and Respect individuals who collaborate with each We connect to customers, communities, other and are unified by a clear common regulators and each other with respect, purpose. dignity and with mutual trust. 5 Pan Asia Banking Corporation PLC - Annual Report 2018 FINANCIAL HIGHLIGHTS 2018 2017 Change % Results for the Year (Rs. Mn) Gross Income 21,672.19 17,684.67 22.55 Net Interest Income 6,518.29 4,706.27 38.50 Total Operating Income 8,926.62 6,678.60 33.66 Operating Profit before Taxes and Levies on Financial Services 2,600.66 2,451.93 6.07 Profit before Tax 1,909.66 1,875.46 1.82 Profit for the Year 1,541.64 1,390.50 10.87 Position at the Year End (Rs. Mn) Loans and Advances - Gross 113,494.42 100,955.38 12.42 Total Assets 154,026.28 138,501.69 11.21 Due to Depositors 118,627.35 107,193.03 10.67 Shareholders' Funds 11,246.64 10,669.89 5.41 Financial & Investor Ratios Net Interest Margin (%) 4.37 3.61 21.05 Return on Equity (%) 13.73 14.86 (7.60) Return on Assets (%) 1.03 1.07 (3.74) Cost to Income Ratio (%) 48.88 56.51 (13.50) Earnings per Share (Rs.) 3.48 3.31 5.14 Net Assets Value per Share (Rs.) 25.41 24.11 5.39 Market Price per Share (Rs.) 14.80 15.70 (5.73) Statutory Ratios Capital Adequacy Ratio Common Equity Tier I Capital Ratio (%) (Minimum Requirement - 6.375%) 11.51 11.38 1.14 Total Tier I Capital Ratio (%) (Minimum Requirement - 7.875%) 11.51 11.38 1.14 Total Capital Ratio (%) (Minimum Requirement - 11.875%) 13.32 13.53 (1.55) Statutory Liquid Assets Ratio (Minimum Requirement - 20%) Domestic Banking Unit (%) 29.17
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