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People’s Bank achieves Rs.181.9 billion in Consolidated Gross Income during H1-2024

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People’s Bank yesterday announced its financial results for the first half ended June 30, 2024. The Bank reported total consolidated operating income of LKR 44.6 billion and post-tax profit of LKR 3.2 billion. Excluding the impact of exceptional adjustments in view of greater prudence considering current macro-economic circumstances, these figures on a normalized basis were otherwise LKR 62.6 billion and LKR 12.7 billion, respectively, reflecting a growth of 29.9% and 104.2%.

Consolidated net interest income rose to LKR 35.0 billion during the 1H from LKR 31.4 billion in the same period 2023. On a normalized basis, excluding the impact of any exceptional items, consolidated net interest margins improved to 3.2% from 2.1% during 2024 reflecting the reducing term deposit cost of funding. Consolidated net fees & commissions amount to LKR 7.4 billion – representing a 19.3% growth on a like for like basis. Total consolidated operating expenses amounted to LKR 34.6 billion (2023: LKR 30.2 billion).

Total consolidated customers deposits touched LKR 2,885.6 billion (end 2023: LKR 2,745.2 billion) whilst net loans amounted to 1,866.8 billion (end 2023: LKR 1,823.8 billion). The impaired loan ratio also showed improvement relative to end 2023. Total consolidated assets reached LKR 3,364.1 billion at period end (end 2023: LKR 3,208.2 billion).

The Bank’s total Tier I and Total Capital Adequacy Ratios were 11.5% and 15.9%, respectively at June 30, 2024 (end 2023: 12.4% and 17.4%) whilst, on a consolidated basis, it was 12.8% and 16.8%, respectively (end 2023: 13.7% and 18.2%). The Bank’s solvency levels continue to remain sound. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently in process.

Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Sujeewa Rajapakse, stated that: “We are very pleased with the Bank’s steadfast progress across various dimensions, notwithstanding the yet interim pressures associated with the yet to be concluded debt restructuring initiatives of the Government of Sri Lanka. We remain optimistic that these pressures will and should abate in the near term, with the support of all key stakeholders. Despite these constraints, the Bank has once again showcased its exceptional strength, resilience, and further improving capacity for growth across all core aspects of its operational metrics.

As we anticipate and navigate the complexities which yet exist in a recovering macroeconomic landscape, our focus remains on fostering innovation, enhancing collaboration, and driving advancement across every facet of our business. We, as always, continue to play our leading role in the country’s economic revitalization.

Our continued success is a direct reflection of the diligence, hard work, dedication and commitment of all our employees, as well as the unwavering trust and confidence of our customers. On behalf of the Board of Directors, I take the opportunity to extend my deepest gratitude to all stakeholders as we look forward to the future with greater hope and optimism”

Commenting on the results, the Bank’s Chief Executive Officer/ General Manager, Clive Fonseka, stated that: Amidst unforeseen challenges, our team has yet again exemplified its resilience, adaptability, and steadfast commitment. The results from the first half of the year not only illustrate our ability to advance but also do so despite the many difficulties.

By emphasizing operational efficiency, elevating the customer experience, and strategically investing in technology and talent, we have adeptly positioned ourselves for sustainable growth over the longer-term.

As we proceed through the remainder of the year, our focus remains sharply aligned with our strategic priorities while navigating the yet prevailing challenges. We remain committed to fostering innovation, cultivating collaboration, and driving transformative change at every juncture, ensuring that we maintain our leadership position within the industry.

We eagerly anticipate progressing with these objectives, propelled by renewed vigor and purpose!



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HNB Finance bags 2 CMA Reporting Awards 2025

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Prof. Ho Yew Kee presents the award, while Rajeeva Bandaranaike hands over the certificate to the HNB Finance team. Featured (right to left): Thushara Jayasekara – Chief Manager / Head of Corporate Planning & Analytics; Randula Munindradasa – Assistant Manager Planning & Analytics; Sandakelum Jayathunga – Senior Manager – Financial Reporting; Maheshika Samarakoon – Manager – Strategy Implementation & Reporting

HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.

At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.

The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.

Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”

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ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises

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Mithila Shyamini, Assistant General Manager – Personal Banking at Commercial Bank and Jude Fernando, Chief Executive Officer of the National Credit Guarantee Institution exchange the agreement in the presence of representatives of the two organisations

The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.

The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.

Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.

‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.

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Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations

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Defence Secretary Air Vice Marshal (Retd) Sampath Thuyacontha receiving the donation from Sajith Gunaratne - General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera - General Manager of Ceylon Grain Elevators PLC

Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.

As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.

The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.

Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.

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