Pan Asia Bank ‘Fastest Growing Commercial Bank in Sri Lanka’

Pan Asia Bank, which has been expanding the horizons of the local banking industry with its innovative banking products and impressive growth record, has been recognised again as the ‘Fastest Growing Commercial Bank in Sri Lanka 2016’ by Global Banking & Finance Review for the third consecutive year. 

London based Global Banking and Finance Review annually recognises outstanding achievements in the financial services industry. The Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community. 

In addition, Pan Asia Bank’s innovative Children’s Savings product ‘Daskam’ which offers an additional 10% deposit from the bank on top of each and every deposit that the customer make, with an enhanced interest rate of 8% (8.33 A.E.R) on the total balance, was awarded the  ‘Most Innovative Banking Product in Sri Lanka – 2016’.

Speaking to the media, Pan Asia Bank Director/CEO Dimantha Seneviratne commented: “It is always satisfying and encouraging to see that our efforts, contributions and achievements are duly recognised locally and internationally. Awards of this nature remind us of the responsibility that is upon us to continue to strive for excellence as the society naturally expects more from successful organisations.”

He added that Pan Asia Bank, which commenced operations in 1995 has been steadily expanding its footprint and currently operates with a network of 80 branches across the island. “During the last few years, the bank has grown rapidly in terms of both size and performance. In fact in 2015, Pan Asia Bank exceeded the Rs. 100 b balance sheet size which now stands at Rs. 120 b and achieved Rs. 1 billion in Profits After Tax. I take this opportunity to extend my gratitude to all our customers who placed confidence on us which made this journey both exciting and rewarding throughout,” said Seneviratne.

Continuing the successes of 2015, the bank was able to increase its pre-tax profit by a strong 48% to Rs. 943 million for the six months ended 30 June 2016 (1H’16) from the same period last year. The post-tax profit too followed suit and increased by as much as 34% year-on-year (yoy) to Rs. 604 million. 

Pan Asia Bank has earned a strong reputation as a bank that has consistently offered true value added products to the Sri Lankan market over the years. Understanding customer needs and catering products and services to fulfill such gaps has been the hallmark of the Bank. Some of the innovative products that have been introduced recently are “Aspire” higher education loan scheme, the “Budget Leasing” product with a residual value, “Pan Asia Bank Black Master Card” which carries a low interest rate of 19.75% p.a. with no joining fees or hidden charges,“Suwasavi” Fixed Deposits that offer a free family medical insurance,“Champion Saver” Savings Account which offers a higher interest rate in the market and the pioneering “Sammana” loan scheme for government pensioners.

Elaborating further on the reasons for the bank’s success Seneviratne stated “Pan Asia Bank’s growth in all aspects including profitability, expansion, improved financial ratios and enhancements to its product portfolio can be attributed to exceptional teamwork and the strategic guidance we get from the Board.”

He also stressed that the bank’s strong customer centric culture and sales expertise have built a strong foundation on which further growth will be achieved.