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08 Pan Asia Banking Corporation PLC - Annual Report 2013 09 Opportunities to grow Reliable, friendly, dynamic and accessible. As one of the nation’s fastest expanding banks we are very aware of our responsibilities to always be a bank that our customers trust and respect, whatever we do. This report offers the reader a detailed look at our governance and risk management processes as well as our triple bottom line results. We also analyse the challenges we face and how we plan to use our strategic vision, insights and deep local experience to turn each one into a powerful opportunity to grow even bigger in the years ahead. 06 Pan Asia Banking Corporation PLC - Annual Report 2013 Financial Highlights Gross Income (LKR Million) 3,484 5,278 7,766 9,054 2010 2011 2012 2013 Profit for the Year (LKR Million) 362 812 860 115 2010 2011 2012 2013 Total Assets (LKR Million) 46,999 31,242 56,074 64,918 2010 2011 2012 2013 07 2013 2012 Change % Results for the Year (Rs. Mn) Gross Income 9,054.04 7,766.22 16.58 Profit Before VAT on Financial Services 228.44 1,354.71 (83.14) Profit Before Taxation 123.91 1,145.41 (89.18) Profit for the Year 114.86 860.05 (86.64) Position at the Year End (Rs. Mn) Shareholders' Funds 4,048.76 4,232.59 (4.34) Due to Customers (Deposits) 53,835.90 47,911.09 12.37 Gross Loans and Receivables to Other Customers 47,128.70 45,089.50 4.52 Total Assets 64,918.45 56,074.29 15.77 Financial Ratios Net Assets Value per Share (Rs) 13.72 14.35 (4.37) Earnings Per Share (Rs) 0.39 2.92 (86.67) Return on Average Assets (%) 0.19 1.67 (88.62) Return on Average Shareholders' Funds (%) 2.89 22.79 (87.32) Non Performing Advances Ratio (%) Gross 8.01 4.17 92.09 Net 6.49 3.03 114.19 Statutory Ratios Capital Adequacy Tier 1 (Minimum Requirement - 5%) 10.27 13.34 (23.01) Tier 1 & 11 (Minimum Requirement -10%) 11.91 15.76 (24.43) Liquid Assets (Minimum Requirement -20%) 23.77 21.15 12.39 47,128.70 2013 Gross Loans and Receivables to 45,089.50 Other Customers 2012 (LKR Million) 36,504.49 2011 24,366.02 2010 08 Pan Asia Banking Corporation PLC - Annual Report 2013 09 Management Information An overview of the Bank and commentary by the Executive Management on the Bank's operations. 10 Pan Asia Banking Corporation PLC - Annual Report 2013 W. D. N. H. Perera Chairman Chairman’s Review 11 I am pleased to welcome you to the 19th Annual General Meeting of developed world. The growth slowed in the giant economies of China and Pan Asia Bank and to present the Audited Financial Statements and the India, yet recording GDP growth rates of 7.7% and 4.5% respectively. Annual Report for the year 2013. The US economy also picked up during the year as it reported greater employment creation and upbeat stock markets. Growth continued Our esteemed shareholders will be proud to note the resilience and to climb in the UK as well, further infusing optimism. Meanwhile, EU fortitude demonstrated by the Bank in its determined commitment to countries such as Germany succeeded in reducing unemployment and lead the way forward for inclusive growth in the year what has proved raising living standards, while the struggling economies of Italy, Spain, to be most challenging. Driven by this challenge the Bank consolidated Portugal and Greece remained under a cloud of rising unemployment. All with credible strategic policy imperatives to be well positioned over in all, the world is being reshaped for a global recovery. the long term. Parallel with the new focus the Bank pushed forward in consolidating its position and foraying into new business avenues to Sri Lankan Economy Falls Short of Target fortify its business foundation stronger and more resilient to navigate the rough road successfully through the year. The Bank throughout The Sri Lankan economy grew by 6.3% in 2013, weighted down by stood steadfast to the legacy of its exemplary customer care ethic at inclement weather conditions and slower global growth with tighter the heart of the business operations. Prudent financial discipline and an monetary policy measures introduced during 2012. These factors served exceptional team effort moved the Bank in the right direction. By and large to slow the growth momentum substantially and although the growth expanded to 7.3% eventually, it fell short of industry expectations. Parallel with the new focus the Bank pushed forward in consolidating its position and foraying into new business avenues to fortify its business foundation stronger Highlights of 2013 The Industry sector continued to post strong growth of 10.4%, largely driven by construction and manufacturing sub-sectors. The continuation of Prudent financial discipline and an exceptional team effort major public infrastructure programmes and an increase in private sector further helped steer the Bank into safe waters. construction activities contributed to the strong growth in the construction USD 20 million credit loan granted by the Global Climate sector. The Services sector grew by 5.5% despite the continuing Partnership Fund (GCPF) to Pan Asia Bank via a seven year slowdown of wholesale and retail trade activity, as transport and financial senior unsecured loan. services continued to expand. The Agriculture sector recorded a marginal growth of 0.5% and adverse weather conditions prevailing at the The Bank showed initiative in launching unique pension beginning of the year affected domestic agricultural production. products which cater to a need felt in the market Market liquidity which hung in the balance at the beginning of the year increased thereafter. The purchase of Treasury bills from the primary this year landmarked a stress test for our systems and processes and we market and the absorption of foreign currency from the domestic foreign are proud to account that the results have been most inspiring. exchange market by the Central Bank of Sri Lanka (CBSL) largely contributed to the excess liquidity during the first few months of the Global Economy Turns the Corner year. However, with the outright sale of Treasury bills and the reversal of It holds true that the world economy faired reasonably through the foreign exchange swap arrangements, excess Rupee liquidity gradually period under review. Despite languishing in recession for much of 2013, declined. CBSL has conducted term repo auctions and retired a part of its the Eurozone seemed to emerge from the turmoil by end of the year. holdings of Treasury bills to maintain liquidity at a level consistent with the Significantly, growth was marked in emerging markets rather than the monetary programme. 12 Pan Asia Banking Corporation PLC - Annual Report 2013 Chairman’s Review The soundness and stability of the financial sector was maintained, while Appreciation the sector continued to facilitate economic growth. The outreach of the It is my pleasure to welcome the newly appointed CEO, Mr. Dimantha financial sector also widened with the expansion of the branch network Seneviratne who will take over as CEO with effect from 1st March 2014. of banks as well as licensed finance companies. The key indicators of Mr. Seneviratne brings with him valuable experience of over 23 years in financial stability, namely, the capital adequacy ratio and the liquidity ratio the field of banking specialising in the areas of Corporate Banking, Retail of the banking sector were maintained at healthy levels. However, banks & Wealth Management, Risk Management, Internal Controls, Investment experienced a slowing down of credit as well as some deterioration in Banking and Finance. I have no doubt that he will infuse the Bank with a asset quality and profitability. Tight monetary policy measures adopted in greater strength dynamism and lead the Bank to greater heights. 2012 continued to affect credit to the private sector. In the same breath, on behalf of the Pan Asia Bank management and Drop in Gold Prices Proves a Game-changer team, I bid farewell to CEO Mr. T.C.A. Peiris for his loyal and spirited service to the Bank from 2009 to the current financial year. He has The deterioration in asset quality was mainly in the pawning portfolio, provided valuable leadership and direction to the Bank through some resulting from the sharp fall in the price of gold. The narrowing of interest tough times and his leadership will be missed. On behalf of the Bank I rate margins as well as increased provisioning and write-offs contributed would like to wish him the very best in his retirement and wish him fruitful to the decline in profitability of the banking sector and for Pan Asia years ahead. Bank as well. The direct effect of this impacted on our pawning portfolio adversely proving to be a setback this financial year. Pan Asia Bank, which held a portfolio of Rs. 6.7 Bn in Pawning at the beginning of the year, Acknowledgements incurred a loss more than a billion as a result of this debacle in prices of Last but never the least I would like to thank the management and gold. However, we are confident of recouping this loss in profitability in the staff for their untiring effort and cooperation. The Pan Asia Bank team months ahead. Further, the credit squeeze and high interest rates proved demonstrated their sense of loyalty to the Bank by tireless pursuit of the dampeners, but lending has eased since. Bank’s vision to ensure that Pan Asia Bank retained its sustainability goals and upheld its reputation. Our customers and shareholders too deserve During the year under review, the Bank showed initiative in launching special mention for placing their faith in us.
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