Q: How did Pan Asia Bank adapt to the unusual demands of the economic crisis?
A: Expecting challenges stemmingfrom high volatility in interest and exchangerates with a weakening economythat necessitated certainprudent and farsigh-ted approaches to sail throughthe difficult times, the bank pursued its growth agenda in selected market segments, delivering growth opportunities for our customers and long-term value for all stakeholders.
Pan Asia Bank was one of the first banks to set up a Board Committee for Recoveries to strengthen collection and recoveries.
I am extremely happy about the way in which the senior management handled the challenging macroeconomic conditions under the guidance of the board of directors.
We believe that adversity tests the mettle of champions and rightly so, Pan Asia Bank emerged stronger and more resilient through this period
Q: What were the bank’skey achievements during this period?
A: Now in its 27th year,Pan Asia Bank is one of the strongest banks in Sri Lanka, backedby many local and international awards and accolades bestowed on it in 2022. The bank’s total asset base was Rs. 208 billion as of 31 December 2022, while the loans and advances book was 154 billion rupees, and the deposit base was Rs. 162 billion. This was a result of the strategies adopted by the deposit mobilisation teams, and prudent business development efforts by the retail, business banking and corporate business units. Despite the various pressures weighing on the sector, the bank maintained one of the best net Stage 3 (non- performing loans or NPL) ratios of 3.63 percent against a sector average of 6.5 percent.
Q: How has the bank supported employees through challenges over the last few years?
A: The bank sustainedits commitment to support staff through the pandemic and subsequently the economic crisis,providing help in several ways to ensure their positive frame of mind. Salaries and allowances were increased for various grades of the bank across the board, and relief payments were paid to all staff, which enabled them to cope with the high inflationary environment to some extent. A governance committee for human resource matters is in place to streamline promotions and review performance evaluations based on identified criteria, infusing transparency and fairness. Aside from that, employee engagement is at the heart of the business with a structured annual event calendar in place.
Q: What were the key awards and accolades won by the bank during the year?
A: In 2022, Pan Asia Bank was bestowed with a plethora of local and international awards. When it comes to the inter- national arena, the bank won awards for risk management, green financing, product and portfolio building, and more. In the local sector, the bank was the runner-up in the banking sector at the National Business Excellence Awards 2022; among LMD’s Most Respected Entities and Most Awarded Entities; conferred awards for the Best Banking Product Sri Lanka 2022, Best Bank in Risk Management Sri Lanka 2022, Employee ESG Program of the Year Sri Lanka 2022 and Most Sustainable Green Bank Sri Lanka 2022;and was among Business Today’s Top 40.
And the bank won a Gold and a Bronze award at the 2022 Effie Awards organised by the Sri Lanka Institute of Marketing (SLIM).
Q: How does the board of directors add value to a bank?
A: We are fortunateto have some industry leaderswith proven track records who are well recognised and respected.
Their unparalleled collective experience makes the board one of the most experienced in the banking sector. They have provided guidance and leadership to the management to propel the bank forward.
Q: And how is the bank building its skills, capabilities, infrastructure and technology to leap forward when the economy recovers?
A: Amidst the challenges, Pan Asia Bank steadily embarked on its digitalisation journey with a digital banking solution and an automated loan origination system, which is expected to infuse efficiency and enhance productivity for customers. We have prepared ourselves for a wide range of economic scenarios and built adequate impairment provision buffers accordingly.
Q: What is your outlookfor the bank’s future?
A: Pan Asia Bank’s unique journeyas the ‘Truly Sri Lankan Bank’ is under- scored by innovation and good governance, which positions it on a stable footing into the future. The bank is adequately capitalised and has proven its management capability in a challenging year. We remain committed to the development of the country’s economy and uplifting societal wellbeing.
Q: Could you shed light on the branding and marketing efforts under- taken by the bank?
A: A brand is a core pillar because it is the promise that an organisation makes to its customers and in which they believe. The brand has continued its journey by winning the hearts of many Sri Lankans by introducing the brand positioning of being a Truly Sri Lankan Bank. Pan Asia Bank has made some remarkable strides in the area of digital marketing, and the brand look and feel, to improve customer convenience and reach a wider range of customers at a lower cost.
The branch renovation initiative was launched in 2021 and more than half the network has been upgraded. While this is an expensive exercise in the prevailing circumstances, the bank is committed to it because it improves customer satisfaction and loyalty.