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People’s Bank reports consolidated profit after tax of LKR 4.6 billion

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Sujeewa Rajapakse, chairman, People’s Bank and Clive Fonseka, CEO/General Manager (Actg.)

People’s Bank announced the results for its quarter ended March 31, 2023 reporting total consolidated operating income and pre-tax profit amounting to LKR 24.0 billion and LKR 7.2 billion, respectively (Q1-2022: LKR 42.6 billion and LKR 11.0 billion).

Similar to 2022, the quarter continued to be characterized by higher interest costs; due to the high interest rate environment which prevailed. This saw consolidated net interest income dip by 49.7% to LKR 15.3 billion during the period relative to Q1-22. This, in part, also reflected the Bank efforts to defer re-pricing of some of its loans to its more sensitive customer segments. Consolidated net fees & commission income amounted to LKR 4.5 billion which, excluding one off items during Q1-22, represented over a 40.0% growth on a like for like basis.

Reflecting inflation pushed cost pressures, much of which originated in the period after Q1-22, saw consolidated total operating expenses rise by 10.1% to reach LKR 14.4 billion (Q1-22: LKR 13.1 billion). This compared well with the industry and, in part, also reflected Group efforts for greater cost control at every instance so reasonably possible.

Total consolidated customers deposits grew to reach LKR 2,513.1 billion – i.e., by 2.6%, whilst consolidated net loans contracted by 4.2% to LKR 1,835.1 billion. The dip in net loans reflected a conscious effort on part of the Bank and the Group to control lending more so in a yet contracting macro-economic context. Total consolidated assets stood at LKR 3,072.2 billion at period end (end 2022: LKR 3,133.1 billion).

The Bank’s Tier I and Total Capital Adequacy Ratios were 11.8% and 16.2%, respectively at March 31, 2023 (end 2022: 11.9% and 16.3%) whilst, on a consolidated basis, it was 13.0% and 16.9%, respectively (end 2022: 13.3% and 17.2%). The Bank’s solvency levels remain sound ultimately reflecting efforts made since the onset of Basel III on July 1, 2017. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently ongoing. In addition, the Bank successfully met all key regulatory measures during the said period.

Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “Whilst the sector has, and continues to reel with many headwinds over the last several years. our first quarter results remains testimony to our continued strength and resilience, and adaptability even in the most adverse set of circumstances. Over the last several years, the Bank has successfully met the needs of its diverse stakeholders, leading from the front in many instances so to ensure the country is first prioritized, customer interest are safeguarded, government endeavors are supported whilst, at the same time, the Bank’s commercial interests are also met. Our top line growth during the quarter attest to the growth of our core banking operations whilst the high interest rate environment which prevailed has naturally led to the inevitable earnings pressure as seen throughout the industry. The quarter was however witness to several accomplishments from an Institutional standpoint both from a quantitative and qualitative front. This included, amongst other, our ability to successfully drive identified strategic growth areas, ensure sustained improvements in liquidity both from a rupee and foreign currency standpoint and instill further improvements from a risk management perspective. In addition, our digital investments continues to bear fruit, which augurs well for the Bank’s future growth prospects!

Looking ahead, with several positive developments seen on a macro-economic front including those stemming from the IMF’s Extended Fund Facility, we look forward to the future with a great degree of optimism. As we have done so over the last several years, we reaffirm our unwavering commitment to play our role to safeguard national interest and those of our stakeholders. I take the opportunity to thank our loyal customers for their continued trust and confidence in the Institution!”

Commenting on the results, the Bank’s Chief Executive Officer/ General Manager (Acting) Mr. Clive Fonseka, stated that: “Despite the many pressures, including those unique to a State-Owned Institution, we have continued to make noteworthy progress on several fronts and have addressed some of the most pressing matters within a short span of time. Our primary focus has, and continues to be, in further bolstering our liquidity, driving key areas of strategic importance, and managing our asset quality whilst supporting our customers navigate through these challenging times. We are currently also taking early steps to bolster our regulatory capital from current levels. The success of our delivery remains ultimately best reflected in the sustained improvements shown across several key performance indicators.

Relating to the recent news being circulated in select social media platforms on non-performing loan write-offs – I seek to confirm that there have been no such write offs. Our usual due process for recovering such loans are currently in process.

He further stated that: “The foundation of People’s Bank’s success primarily rests with our staff and that of our loyal customers. While the road ahead is likely to be filled with many more challenges, we look forward to facing them with confidence and vigor as we have done so over the last several years!



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Cabinet approves establishment of two 50 MW wind power stations in Mullikulum, Mannar region

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Adhering to the broad plan of the Government to reach the objective of accomplishing 70% of the country’s electricity supply from renewable energy sources by the year 2030, the approval of the Cabinet of Ministers was granted on 10.02.2025 to invite requests for resolutions from interested developers of the private sector in order to implement the Mullikulum Wind Power – 100 Mega Watts (two (02) wind power stations of
50 Mega Watts each) on the basis of construction, ownership and execution with a monitoring period of 20 years.

Accordingly, requests for proposals have been called to implement the relevant project by adhering to the international competitive bidding methodology, and seven (7) prospective project proposals were submitted.

Evaluating the said proposals, based on the recommendations submitted by the negotiation committee appointed by the Cabinet of Ministers, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Power to award the contracts of establishing the two (02) 50 Mega Watts Wind
Power Stations to Consortium of Vidullanka PLC & David Pieris Motor Company (Lanka) Limited and WindForce PLC.

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UNDP, together with partners, brings together immersive insight into the cruel realities of SGBV

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UNDP 16 Days of Activism against Gender Based Violence held at the Sri Lanka Foundation.

The 16 Days of Activism Against Gender-Based Violence is a global campaign observed annually from 25 November to 10 December, beginning on the International Day for the Elimination of Violence against Women and concluding on Human Rights Day. The campaign aims to raise awareness and inspire collective action to end all forms of violence against women and girls.

This year, in line with this, the United Nations Development Programme (UNDP), together with its key partners through ongoing flagship project initiatives, is taking a unique, never-before-seen approach to advocacy. ‘Through Her Eyes,

wef.aoEiska, அவளின் பார்வையில்’ narrates the heart-wrenching journey of ‘Sara’ in her search for justice through multi-medium storytelling that merges stage theatre, film and creative audio production techniques.

‘Through her eyes’ is in line with three UNDP Sri Lanka projects; Enabling Access to Justice for Victim-Survivors of SGBV in Sri Lanka funded by the Government of Canada and implemented together with UNFPA Sri Lanka; the Support to Justice Sector Project (JURE) funded by the European Union in partnership with the Ministry of Justice, and implemented together with UNICEF Sri Lanka; and the Action and Anticipation for The New Agenda for Peace (AAA) supported through UNDP’s Funding Windows with funding from the Governments of Denmark, Luxembourg and the Republic of Korea.

Commenting on the timeliness of such public activations, Azusa Kubota, Resident Representative, UNDP in Sri Lanka, stated, “As the country recovers from one of its worst natural disasters in its recent history, the focus on gender equality, inclusion, and structural change is more vital than ever. We all know SGBV leaves a deep scar in survivors, those around them and the society they live in. Yet, do we really know what it is like to live through that experience? In a crisis, how do we address root causes of SGBV that get exacerbated? We wanted to mark this year’s 16 days differently – by creating an experience where we, irrespective of our gender, culture, and all other differences, put ourselves in the shoes of those who live through the pain and hardships, and collectively think through ways in which we can tackle persistent challenges confronted by many. Our advocacy efforts aspire towards a nation and world free from SGBV- to achieve gender equality and empower. ‘Through Her eyes’ is a unique experience that is designed to bring this issue in front of a broad demographic audience, by bringing together stakeholders from across the Government, private sector, development partners, youth and CSOs, as we stand together to end SGBV and support Sri Lanka to build back better.”

Sharing the perspective from the Government of Sri Lanka, Minister of Justice Harshana Nanayakkara commented, “Through Her Eyes’ invites us to pause and truly understand the lived realities of survivors. It is a powerful reminder that every survivor who comes forward does so with immense courage. Their pathway to justice must be dignified, safe and free from fear. Ensuring the safety and empowerment of women and girls is not a task that can be achieved in isolation. A holistic approach is vital. Law enforcement, the judiciary, health services, social services, educators, civil society, the private sector and communities must stand together as allies.”

As a key partner, Kiril Iordanov, Head of Cooperation at the High Commission of Canada noted, “Addressing GBV is a shared responsibility. Canada continues to collaborate with partners to design and champion innovative solutions. Our approach is rooted in the belief that promoting gender equality and empowering women and girls has a multiplier effect on development. By placing women and girls at the centre, we contribute to building a more peaceful, inclusive, and prosperous world.”

The Safe Space of this immersive production also highlights the support and work being carried out by the projects, to support better access for justice for victim-survivors of SGBV, capacity building for relevant public sector institutions, media ethics when reporting SGBV and the promotion of male allyship and bystander intervention as a mechanism to eradicate SGBV in Sri Lanka.

Highlighting the priorities of the European Union, Carmen Moreno, Ambassador of the European Union to Sri Lanka and the Maldives, commented, “Gender-based violence endures when access to justice is made difficult by fear, stigma or indifference. This exhibition invites us to understand the experience through the eyes of the victim, and it forces us to question—and dismantle—the barriers that allow violence to continue without consequences. Justice systems Justice systems must act with determination in confronting this problem, but they cannot do so in isolation. Real change requires a society that supports women, recognises the realities of gender-based violence, and refuses to look away.”

In light of the current situation of the country, the event also hosted an interactive dialogue on the theme ‘Delivering Economic Independence for Survivors of Sexual and Gender-based Violence during Crises’ on the sidelines of the event. With participation from key individuals, including the Government, development partners, private sector leaders, civil society organisations and youth groups, the dialogue looked at key areas of Gender-responsive and intersectional crisis planning; protection, safety, and justice built into disaster preparedness and humanitarian response; safeguarding shelter design, ensuring access to health and reproductive services, psychosocial support, and safe reporting mechanisms.

The campaign aims to raise awareness and inspire collective action to end all forms of violence against women and girls. It calls on governments, organisations, and individuals to challenge harmful gender norms, support survivors, and demand accountability from perpetrators.

‘Through Her Eyes, wef.aoEiska, அவளின் பார்வையில்’ is open to the public from the 2nd to 7th of December from 10 AM to 7 PM at the Sri Lanka Foundation Institute.

To know more and engage in the immersive experience: https://go.undp.org/through-her-eyes

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Outstanding AI & Fintech Governance Leadership Award 2025 for Sopnendu Mohanty

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Asian Digital Finance Forum and Awards Convener and Global Fintech Institute (Singapore) Industry Fellow Rajkumar Kanagasingam (left) presents the award to Sopnendu Mohanty during the GFTN Insights Forum held in conjunction with the Singapore FinTech Festival 2025 at Marina Bay Sands, Singapore.

Sopnendu Mohanty, former Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and current Group CEO of the Global Finance & Technology Network (GFTN), has received the Outstanding AI & Fintech Governance Leadership Award 2025 for his global contribution to responsible fintech advancement, cross-border policy innovation, and AI governance.

While the recognition was announced at the Asian Digital Finance Forum & Awards held at Port City Colombo, the formal handing-over ceremony was held recently in Singapore, during the GFTN Insights Forum that took place in parallel with the Singapore FinTech Festival 2025 at Marina Bay Sands Expo & Convention Centre.

Presenting the award, Rajkumar Kanagasingam, Convener of the Asian Digital Finance Forum & Awards and Industry Fellow of the Global Fintech Institute (Singapore), lauded Mohanty’s unique global impact.

“Sopnendu has set global benchmarks in innovation-friendly regulation, Kanagasingam said.

“From cross-border payment connectivity to AI ethics and multi-CBDC frameworks, his leadership has not only shaped Singapore’s fintech ecosystem but has helped entire regions transition into the digital economy responsibly.”

He added that Mohanty’s strategic influence continues beyond regulatory leadership.

“His ability to galvanise central banks, policymakers and innovators onto common platforms is rare. What he built in Singapore is now influencing multiple jurisdictions, and that continuity through GFTN is immensely valuable.”

Serving from 2015 to 2025 as MAS’s inaugural Chief FinTech Officer, Mohanty is widely acknowledged for transforming Singapore into one of the most forward-looking and trusted digital finance environments.

Mohanty has also endorsed Sri Lanka’s initiative to shape the Colombo International Financial Centre (CIFC) at Port City Colombo as a South Asian fintech gateway. He was presented with an interim policy blueprint during the DigiEcon Global Investment Summit.

By Ifham Nizam

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