PAN Oceanic Bank (POB), the Solomon Islands locally incorporated bank has recorded a willing net profit of SBD$27 Million in the 2016 financial year.
This was revealed in the bank’s financial statement, which was released earlier this year.
The net profit was over doubled against the SBD$11.8 Million made in 2015, and it is a growth of 125 percent.
In his words following the release of the 2016 financial statement a fortnight ago, the Chief Executive Officer (CEO) Suresh Amerasekera said;
“The bank had an excellent year in 2016.”
He said, the main driver behind the boost of the 2016 financials is mainly attributable to the bank’s loyal customer base, the commitment of staff and their dedication, the guidance they get from Central Bank of Solomon Islands (CBSI), and the board of directors.
In terms of the differences between the 2015 and 2016 financials, the CEO said;
“The advances grew by 66 [percent] and the deposits by 45 [percent] against an industry growth of 12 and 10 [percent] respectively.
“Our return on shareholder funds was 62 [percent] against 30 [percent] in 2015.
“62 [percent] is the best return in the market,” Mr Amerasekera said.
As a locally incorporated bank, the CEO said they have outperformed the market in financial indicators more than they have won the confidence and trust of the public within this short period.
Meanwhile, the bank is fully committed to support the National Financial Inclusion Strategy of the Government and the Digitalisation of payments.
The bank also highlighted that its strategies would revolve around these goals, which will also contribute towards the achievement of the vision “Empowering the Nation”.