Pan Asia Banking Corporation PLC
Legal Status and Corporate Identity
Pan Asia Banking Corporation PLC is a public quoted company that was incorporated in Sri Lanka on 6 March 1995. The bank was subsequently re-registered under the Companies Act No. 07 of 2007. It is a listed entity on the Colombo Stock Exchange, though the provided source material does not detail its specific ownership structure beyond its public company status.
The institution operates as a Licensed Commercial Bank under the provisions of the Banking Act No. 30 of 1988. According to its 2024 annual report, the bank has built its brand identity around the concept of being the "Truly Sri Lankan Bank". The year 2024 marked its 30th year of operations.
Market Focus and Strategy
The bank's strategy in 2024 centred on core banking activities, with a strong focus on lending and deposit mobilisation. The annual report identifies corporate banking and SME banking as particular areas of emphasis during this period. This focus aligns with its stated objective of supporting the national economy.
Pan Asia Banking Corporation PLC presents itself as a growth-oriented lender dedicated to supporting entrepreneurs and businesses. The bank's role is described as contributing to broader economic recovery efforts in Sri Lanka. Its operational strategy also highlights a commitment to customer service, branch-driven growth, and ongoing digital transformation.
Financial Products and Services
The bank provides a comprehensive range of financial services. Its portfolio includes deposits, corporate and business banking, retail banking, project financing, and trade financing services. The institution also offers treasury and investment services, credit and debit cards, offshore banking, and both resident and non-resident foreign currency operations.
Additional services documented in its 2024 annual report include electronic banking, money remittance, pawning, leasing, travel-related services, and dealing in government securities. Specific business lines highlighted as active in 2024 were housing loans, SME banking, corporate banking, and deposit mobilisation. The bank is also confirmed to offer fixed deposit products, including options for opening them via internet banking.
Financial Performance and Network
As of year-end 2024, Pan Asia Banking Corporation PLC reported total assets of LKR 262.86 billion. Its gross loans and advances stood at LKR 160.89 billion, while the total amount due to depositors was LKR 191.29 billion.
For the financial year 2024, the bank recorded a profit before tax of LKR 6.03 billion and a profit for the year of LKR 4.13 billion. The annual report noted that deposits grew by approximately LKR 15.95 billion during the year. In terms of asset quality, the bank's stage 3 loans ratio reportedly improved to 3.10%.
The bank's physical network consisted of 85 branches at the end of 2024, with the annual report confirming that no new branches were opened during the year. Its self-service network included 85 ATMs and 28 Cash Deposit Machines (CDMs) or Cash Recycle Machines (CRMs).
Digital Banking Initiatives
In 2024, Pan Asia Banking Corporation PLC advanced its digital strategy by introducing LIME, a digital onboarding platform. The bank also reported an upgrade to its mobile banking application during the same period as part of its digital enhancement efforts.
The bank stated that a significant portion of its customer activity has shifted to digital platforms. According to its annual report, approximately 80% to 90% of transactions were already being conducted through its digital channels, which include the mobile app and its e-banking platform. The bank's strategy includes the expansion of digital zones in its branches, with 15 completed and further expansion planned. It is also actively increasing the deployment of CRMs across its branch network.
