Pan Asia Bank was recognized with two coveted awards at the recently held National Business Excellence Awards (NBEA) 2016 organized by the National Chamber of Commerce, becoming the only mid-size commercial bank to receive multiple awards in the ceremony.
Accordingly, Pan Asia Bank was adjudged as the overall winner in Excellence in Business and Financial Results category. This is an award category for which all the companies that took part in the selection process were considered. This award which is not confined to a particular sector recognizes areas such as growth in profitability, balance sheet and efficiency with which the business operates in.
The second accolade to be won by Pan Asia Bank was the Runner-up award in the banking sector under the extra large category. The fact that this award was won competing against much larger and older counterparts in the Sri Lankan banking industry highlights the superior growth story of Pan Asia Bank.
Commenting on the superlative achievements made by the bank within a relatively short time span, the bank’s Director/Chief Executive Officer, Dimantha Seneviratne attributed the robust growth and success of the bank to the untiring efforts of its staff to understand the and fulfill customer requirements and also to the strategic direction provided by the Chairman and the board of directors. “If not for the correct guidance and support from the Board and our fellow team members who go that extra mile to delight our customers, this achievement would not have been possible. I also extend my gratitude to all our customers who placed confidence on us which made this journey both exciting and rewarding throughout” said Seneviratne.
During the first nine months ended September 30, 2016, Pan Asia Bank increased its post-tax profits by 21 percent to Rs.906 million. Its asset quality also improved during 2016 which brought down net NPL to 2.9 percent as of 30th September 2016. Pan Asia Bank also maintains one of the highest RoE among its peers and this ratio stood at 19.72 percent by end of the Q3, 2016.
In recognition of its superior overall performance, Pan Asia Bank has also been awarded the Fastest Growing Commercial Bank in Sri Lanka from the London based Global Banking and Finance Review in three consecutive years since 2014. Global Banking and Finance Review annually recognizes outstanding achievements in the financial services industry and in its review and selection process, it considers factors such as the institution’s strategic focus, achievements and progressive and inspirational changes taken place within the company.