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Pan Asia Banking Corporation PLC | Annual Report 2014

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Pan Asia Banking Corporation PLC | Annual Report 2014 Pan Asia Banking Corporation PLC | Annual Report 2014 Humans have long studied echolocation and the sonar capabilities of dolphins and bats in an effort to develop dynamic new technologies in man-made radar and sonar engineering. As a progressive corporate, Pan Asia Bank has always strived to evolve along with the fast changing customer expectations. A Public Limited Liability Company incorporated in Sri Lanka on 6th March 1995 under the Companies Act No.17 of 1982 and re-registered under the Companies Act No.07 of 2007. A Licensed Commercial Bank under the Banking Act No.30 of 1988 and listed in the Colombo Stock Exchange. Company Registration No. PQ 48 Lanka Rating ‘BBB +’ (Stable) Fitch Rating ‘BBB (lka)’ (Stable) The intricate design of a Honeycomb. The speed of a Cheetah. The agility of a Hummingbird. A Dolphin’s extraordinary capabilities and dynamism. Ingenious and powerful, simple yet precise. Pan Asia Bank has long been an icon of innovative thinking, outstanding design, adaptability and functionality inspired by the same principles of dynamism and innovation we see in nature’s engineering. We’re building your bank to be resilient and strong; a dynamic and evolving organisation creating quantifiable value for the many stakeholders who place their faith in us. Pan Asia Bank The Dynamic Bank Pan Asia Banking Corporation PLC | Annual Report 2014 Dynamic 2 Contents Vision Mission 3 Financial Highlights 4 Management Information & Executive Reviews Chairman’s Review 8 Chief Executive Ofcer’s Review 12 Board of Directors 18 Corporate Management 24 Senior Management 29 Key Product Offerings 34 Management Discussion & Analysis Business Review 40 Financial Review 43 Risk Management 48 Human Capital 56 Governance & Sustainability Corporate Social Responsibility Report 64 Corporate Governance Report 68 Bank’s Compliance with Prudential Requirements 89 Directors’ Statement on Internal Controls over Financial Reporting 90 External Auditors’ Assurance Report on Bank’s Internal Controls 92 Annual Report of the Board of Directors’ on the Affairs of the Bank 93 Directors’ Interest Register 97 Other Directorships 99 Board Audit Committee Report 101 Board Integrated Risk Management Committee Report 103 Board Human Resources and Remuneration Committee Report 104 Board Nomination Committee Report 105 Board Credit Committee Report 106 Board Strategic Planning Committee Report 107 CEO’s & CFO’s Responsibility for Financial Reporting 109 Directors’ Responsibility for Financial Reporting 110 Financial Information Financial Calendar 114 Independent Auditors’ Report 115 Statement of Comprehensive Income 116 Statement of Financial Position 117 Statement of Changes in Equity 118 Statement of Cash Flows 119 Notes to the Financial Statements 120 Compliance with Disclosure Requirements Specied by the Central Bank of Sri Lanka 199 Capital Adequacy Computation 203 Quarterly Statistics 205 Analysis of Due to Other Customers 206 Analysis of Loans & Receivables to Other Customers 207 Sources & Distribution of Income 208 Value Added Statement 209 Ten Year Statistical Summary 210 Investor Relations 211 Branch Network 217 Correspondent Banks 220 Glossary of Financial & Banking Terms 223 Notice of Meeting 229 Form of Proxy 231 Pan Asia Banking Corporation PLC | Annual Report 2014 3 Vision To become the most customer preferred commercial bank in Sri Lanka. Mission We will create the largest satisfied customer base by providing professional, personalised, secure, speedy, quality banking and financial services, using modern technology & innovative products. We will delight our customers, create a better future for employees and enhance stakeholder value. Pan Asia Banking Corporation PLC | Annual Report 2014 Dynamic 4 Financial Highlights 63,293 64,895 53,836 47,911 45,090 47,129 2012 2013 2014 2012 2013 2014 Loans and Receivables (Rs. Mn) Deposits (Rs. Mn) We remain committed to grow shareholder value further and current strategies are formulated to position the Bank to deliver higher returns to our valued shareholders, who have been resilient and provided tremendous support during our challenging times. Pan Asia Banking Corporation PLC | Annual Report 2014 5 2014 2013 Change % Results for the Year (Rs. Mn) Net Interest Income 2,739.98 2,095.30 30.77 Total Operating Income 4,026.95 3,163.43 27.30 Profit before VAT and NBT on Financial Services 754.51 228.44 230.29 Profit before Taxation 538.43 123.91 334.55 Profit for the Year 415.21 113.84 264.74 Position at the Year End (Rs. Mn) Shareholders’ Funds 4,734.63 4,048.76 16.94 Gross Loans and Receivables to Other Customers 63,292.72 47,128.70 34.30 Due to Customers (Deposits) 64,895.22 53,835.90 20.54 Total Assets 79,605.27 64,918.45 22.62 Financial Ratios Net Interest Margin (%) 3.82 3.38 13.02 Return on Average Assets (%) 0.58 0.19 205.26 Return on Average Shareholders' Funds (%) 9.81 2.89 239.45 Cost to Income Ratio (%) 61.03 69.28 (11.91) Non Performing Advances Ratio (%) Gross 5.73 8.01 (28.46) Net 3.78 6.49 (41.76) Investor Ratios Earnings per Share (Rs.) 1.41 0.39 262.19 Net Assets Value per Share (Rs.) 16.05 13.72 16.96 Market Price per Share (Rs.) 25.90 15.50 67.10 Statutory Ratios Capital Adequacy Core Capital Ratio (Minimum Requirement - 5%) 8.97 10.27 (12.56) Total Capital Ratio (Minimum Requirement - 10%) 14.19 11.91 19.23 Liquid Assets DBU (Minimum Requirement - 20%) 21.88 23.79 (8.03) FCBU (Minimum Requirement - 20%) 22.27 40.09 (44.45) Pan Asia Banking Corporation PLC | Annual Report 2014 Dynamic 6 By reaching speeds of upto 70mph, the Cheetah remains the fastest animal in the world, with a lean, long-legged body built for speed. At Pan Asia Bank, quick and responsive services are built into the way we work... fast Pan Asia Banking Corporation PLC | Annual Report 2014 7 Management Information & Executive Reviews Chairman’s Review 8 Chief Executive Ofcer’s Review 12 Board of Directors 18 Corporate Management 24 Senior Management 29 Key Product Offerings 34 Pan Asia Banking Corporation PLC | Annual Report 2014 Dynamic 8 Being Agile Chairman’s Review W. D. N. H. Perera Chairman Pan Asia Banking Corporation PLC | Annual Report 2014 9 I am immensely pleased to welcome you to the Twentieth we have transformed the way Annual General Meeting of your Bank. It gives me distinct pride to state that the previous year’s unsatisfactory that we run the business, financial performance is now a distant memory. Despite tremendous challenges, your Bank recorded a four-fold exerting pressure on costs, growth in Profit for the year amounting to Rs. 415 million honing our business models, for the financial year, making this the best ever YoY growth in financial results in its history. Our robust financial reshaping management performance in the period under review is a reflection of functions and creating a more our turnaround strategy based on lessons learnt in 2013 due to the gold debacle that impacted financial institutions lean enterprise to give staff in the country. However, during this year, we worked in a greater responsibility and to focused manner to mitigate potential threats and offset losses from the previous year by operating with strict improve decision-making. performance targets, which were tirelessly pursued by a dynamic team of professionals. We are confident that our strategy will provide the right platform to deliver sustained The macro economic outlook remained largely positive and profitable growth. during 2014 as the Gross Domestic Product is expected to have grown over 7.5%, probably recording the highest During this eventful year, we have transformed the way that economic growth in South Asian Region. The industry and we run the business, exerting pressure on costs, honing service sectors were key contributors, although agriculture our business models, reshaping management functions performed below par due to unstable climatic conditions. and creating a more lean enterprise to give staff greater Inflation was low at 3.3% during the year while the balance responsibility and to improve decision-making. We now have of payments position improved. Exports grew whereas a new CEO at the helm, Dimantha Seneviratne, who brings imports fell narrowing the trade deficit. Higher growth in over 24 years of local and global banking expertise in his credit to the private sector and investment in the second wake. He has exhibited a strong understanding of the vision half of the year helped to achieve economic expansion. In for Pan Asia Bank, achieving many objectives during the view of these developments, the Monetary Board expects short time he has been steering operations. I am buoyed to to maintain the current monetary policy stance, pegging see the upbeat morale amongst the staff and a rejuvenated the Standing Deposit Facility Rate (SDFR) and the Standing Being approach to customer service. I have no doubt that the new Lending Facility Rate (SLFR) of the Central Bank of Sri CEO and his team will lead from the front in positioning Lanka unchanged at 6.50% and 8.00%, respectively. the Bank on a platform for growth. Already, we were able to better deploy our resources to deliver the sustainable, Our Vision profitable growth and returns that drive shareholder value. While our outlook for 2015 is one of sustainable growth, we Pan Asia Bank can now boast a robust Balance Sheet, sound remain hopeful that the interest rates will be recalibrated client relationships and enhanced capabilities. as due to the long standing low interest rate regime, the Agile spread has diminished and net interest income declined. Meanwhile, we continue to lead the industry in several However, at the same time, personnel cost have gone up areas. Technology is helping us empower our clients and along with other overhead expenses across the Board.
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