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Annual Report 2011 from Strength to Strength

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Annual Report 2011 from Strength to Strength Contents 4 Financial Highlights 8 Chairman’s Report 12 Chief Executive Officer’s Report 16 Board of Directors 20 Corporate Management 23 Senior Management 26 Key Product Offerings 30 Business Review 32 Financial Review 34 Risk Management 38 Human Capital 44 Corporate Social Responsibility 46 Corporate Governance Report 70 Bank’s Compliance with Prudential Requirements 71 Director’s Report of Bank’s Internal Control System 73 Directors’ Report 76 Directors’ Interest Register 78 Other Directorships 80 Audit Committee Report 82 Risk Management Committee Report 83 Human Resources and Remuneration Committee Report 84 Nomination Committee Report 85 Directors’ Responsibility for Financial Reporting 88 Financial Information 89 Independent Auditors’ Report 90 Balance Sheet 91 Income Statement 92 Statement of Changes in Equity 93 Cash Flow Statement 94 Notes to the Financial Statements 124 Capital Adequacy Computation 126 Quarterly Statistics 127 Analysis of Deposits 128 Analysis of Advances 129 Sources & Distribution of Income 130 Value Added Statement 131 Ten Year Statistical Summary 132 Shareholder Information 134 Branch Network 137 Correspondent Banks 140 Glossary of Financial & Banking Terms 143 Notice of Meeting 145 Form of Proxy We’ve never been an ordinary company, nor an old-fashioned one. Our vision has always kept evolving to generate higher benchmarks, greater customer satisfaction and a deeper commitment to all we do. Our focus on keeping ourselves dynamic and adaptable has resulted in who we are today… an exceptionally successful dynamic corporate entity owning a curve of lucrative growth that is virtually unmatched in our sector, as we keep improving quality, embedding and increasing our value each year. This report brings you a review of another great year in the continuing story of Pan Asia Bank at work; powering our way forward, challenging our competitors and driving from strength to strength. Our vision is to become the most customer preferred commercial bank in Sri Lanka. 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. 2 Annual Report 2011 From strength to strength Pan Asia Banking Corporation PLC 3 Financial Highlights 2011 2010 Change % Results for the Year (Rs. Mn) Gross Income 5,154.93 3,484.41 47.94 Profit Before Financial Services VAT & Taxation 1,371.67 934.27 46.82 Profit Before Taxation 1,182.87 693.93 70.46 Provision for Taxation 358.85 332.13 8.05 Profit After Taxation 824.01 361.79 127.76 Position at the Year End (Rs. Mn) Shareholders’ Funds 3,608.03 2,784.02 29.60 Deposits from Customers 35,532.46 21,472.79 65.48 Gross Loans & Advances to Customers 35,916.90 22,371.40 60.55 Total Assets 46,954.18 31,180.97 50.59 Financial Ratios Net Assets Value Per Share (Rs) 12.23 9.44 29.56 Earnings Per Share (Rs) 2.79 1.31 112.98 Return on Average Assets (%) 2.06 1.42 45.07 Return on Average Shareholders’ Funds (%) 25.55 14.72 73.57 Non Performing Advances Ratio (%) - Gross 3.58 5.36 (33.21) - Net 1.99 2.74 (27.37) Statutory Ratios Capital Adequacy - Tier I (Minimum Requirement - 5%) 13.66 14.60 (6.44) - Tier I & II (Minimum Requirement -10%) 14.04 15.25 (7.93) Liquid Assets (Minimum Requirement -20%) 20.19 23.19 (12.94) Total Deposits Gross Loans and Advances Rs.Mn. Rs.Mn. 40,000 40,000 35,000 35,000 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 4 Annual Report 2011 DEPOSITS Advances 35.53 Bn 35.92 Bn + 65.5 % + 60.5 % INTEREST INCOME PBT 4.45 Bn 1.18 Bn + 46.9 % + 70.5 % Prot Before Taxation & Total Assets After Taxation Rs.Mn. Rs.Mn. 50,000 1,200 40,000 1,000 800 30,000 600 20,000 400 10,000 200 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Prot before Taxation Prot after Taxation Pan Asia Banking Corporation PLC 5 “We are a bank that is intent on meeting all our customers’ financial service needs.” Management Reports >> 6 Annual Report 2011 From good to great Pan Asia Banking Corporation PLC 7 Chairman’s Report A.G. Weerasinghe Chairman 8 Annual Report 2011 “The Bank’s strong financial performance during the year has met and surpassed even our own ambitious projections.“ “We also understand how important it is for you, our shareholders’, that Pan Asia Bank builds sustainable long-term value that is reflected through the share price...” Pan Asia Banking Corporation PLC 9 Chairman’s Report It gives me great pleasure to place before you the Annual The year witnessed an aggressive recruitment drive by the Report and Audited Financial Statements for the year 2011. Bank to fulfil staff requirements for its branch expansion I had claimed in the previous Annual Report that the year programme. Staff strength increased from 670 in 2010 2011 would be more favourable in terms of profit margins, to 1,096 in 2011. The total branch network increased to while sustaining our aspirations for further growth and 64 during the year. An additional 36 more branches are expansion. I am happy to report that these aspirations have scheduled to be opened in 2012, which will take us to the been fully realised during the year under review. The Bank’s 100th branch milestone. strong financial performance during the year has met and surpassed even our own ambitious projections. Future Challenges Financial industry in the developed world is under strain Year 2011 has emerged as a watershed in which the specially in the Eurozone and the ripple effect will be felt in best ever profitability levels in the Bank’s history were Asian countries. This is causing regulators the world over achieved. More significantly, the Bank posted robust to react by continuously regulating the markets, thereby bottomline growth and achieved profitability across all rendering it difficult to forecast and meet targets. We are aspects of its operations. moving from deregulation to regulation. The Bank’s profit after tax increased by 128% from Rs.362 Mn Further, the demand for credit is increasing steadily and in 2010 to reach Rs.824 Mn in 2011. This upward trend Banking Institutions need to have access to capital funds to surpasses the industry growth average by leaps and bounds, enable expansion of their asset base on an ongoing basis. reflecting the stellar achievements of the Bank during the Consequently, the Banking industry needs to be equipped period. Further, we were well on target to meet the Central with choice of avenues to augment their capital base. Bank of Sri Lanka’s minimum capital requirement of Rs.3 Bn by end of 2011. Projecting future growth on the basis of this It has become difficult to forecast medium and long term year’s performance and our future plans, envisages the Bank interest rates which no longer is a function of demand & to be well positioned to meet minimum capital requirements supply and economic fundamentals. We remain mindful of of Rs.4 Bn by 2013 and Rs.5 Bn by 2015. this challenge and are counting the volatility factor whilst setting rate policy within the institution. Branch expansion and deposit mobilisation were high priority areas for us during the year. As a result of our focused With branch expansion there is heavy competition among strategies, the deposit base increased during this period by a Banks for trained staff. Our enhanced staff requirement steep 65% to reach Rs.36 Bn from Rs.21 Bn previously. implies our human resources costs will rise during 2012 and Gross Loans and Advances grew by 61%, reaching Rs.36 Bn measures are in place for prudent cost management. from Rs.22 Bn in 2010. Keeping the cost of technology at acceptable levels is a We remain committed to improving the Bank’s credit quality challenging task. The changing regulatory environment, and our strategies in this direction served to further reduce implementation of new accounting standards and upgrading our Net Non Performing Advance Ratio by bringing the systems will escalate costs. previous year’s ratio of 2.74% down to 1.99% in 2011. 10 Annual Report 2011 I would like to take this opportunity to thank the Deputy Chairman and my fellow Directors for extending their support and sharing their expertise to steer the Bank to an exceptionally profitable year and record my appreciation of the management and staff for the hard work and dedication they have demonstrated in pursuit of the Bank’s strategic goals. A. G. Weerasinghe Chairman Colombo 9 February 2012 “Year 2011 has emerged as a watershed in which the best ever profitability levels in the Bank’s history were achieved. More significantly, the Bank posted robust bottomline growth and achieved profitability across all aspects of its operations.” Pan Asia Banking Corporation PLC 11 Chief Executive Officer’s Report T.C.A. Peiris Director/Chief Executive Officer 12 Annual Report 2011 ”The pivot on which this exceptional growth has been achieved is our team, which is clearly our biggest asset and their efforts shine through in this year’s financial results.” “The Bank’s strong culture of superior customer service and sales expertise has built a solid foundation on which further growth can be planned.” Pan Asia Banking Corporation PLC 13 Chief Executive Officer’s Report The year under review witnessed Pan Asia Bank going from While expanding our presence into smaller towns and strength to strength.
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