Business
People’s Bank expands balance sheet by close to LKR 350.0 billion during 9M-21
People’s Bank announced the results for its nine months period ended September 30, 2021 reporting asset and deposit growth of LKR 349.7 billion and LKR 276.6 billion, respectively – a record high growing by 15.7% and 15.1% during the said period. Growth in net loans and investment in treasury securities was LKR 167.4 billion and LKR 191.4 billion, respectively.
On a standalone basis, the Bank accounted for close to 20.0% of the Banking sector’s asset and net loan growth during the twenty one month period ended September 30, 2021; which is a feat self attesting to the contribution made by the Institution to the national cause and the Government. At September 30, 2021 – close to 50.0% of the Bank’s gross loans were to the State and other State Owned Enterprises.
During the said twenty one month period ended September 30, 2021 – the Bank introduced multiple loan schemes in view of supporting its customers. These included, amongst other, over LKR 60.0 billion in credit to support Small and Medium Scale Enterprises, over LKR 160.1 billion in home loans to over 9,000 customers, over LKR 6.0 billion to retired and disabled officers of armed forces and over LKR 560.0 million to artists of varying disciplines. In addition, Bank extended LKR 750.0 million to support the development of a Techno Park in Galle, over LKR 485.0 million to support women entrepreneurship and over LKR 260.0 million to University Students to purchase laptops.
Looking at some of the nine month 2021 highlights, net interest income rose by 38.9% whilst total operating income grew by close to 30.0%. Impairment charges rose by 10.7% Non personnel operating expenses were maintained at near LKR 11.6 billion without any increase. The Bank’s gross stage 3 loans as a function of total gross loans was close to 8.1% at September 30, 2021 whilst its gross non performing loans excluding SOEs was 6.1%. Total taxes and dividends to the Government during the said period was LKR 9.7 billion. The Bank’s Tier I and Total Capital Adequacy was 10.2% and 15.5%, respectively at end September 2021 compared with a minimum 8.5% and 12.5%.
Commenting on the results, the Chairman of People’s Bank – Mr. Sujeewa Rajapakse stated that: “We are pleased with the role and contribution of the Institution more so during a time of extraordinary challenge, change and need. We remain of service to the country in a time it needs us the most and are committed to the Government’s long term Vistas of Prosperity and Splendor initiatives. We measure our success not by a typical top or bottom line but by our contribution to safeguard the pandemic stricken economy and our role to assist in its revival. It also demonstrates our efficiency and productivity even during the most challenging circumstances thereby debunking any myth to the contrary. Above all said, with our job being far from over, we remain committed to continuing to play our part to help the country navigate through these unchartered waters”
The Chief Executive Officer/ General Manager of People’s Bank – Mr. Ranjith Kodituwakku stated that: “2021 is a year unlike any seen. The year to date period has put to test our continued commitment, our continued access, our digital capabilities, our customer centricity and our ultimate ability to rise to our national duty. Notwithstanding the many challenges, including those beyond our reasonable control as seen in recent past, our delivery remains testimony to our strength, resilience and collective capability. Fully aware of the many challenges which lie ahead, we look forward to the future with a great degree of hope and optimism”
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking foot print comprised of 741 branches and service centers island wide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000 serving more than 14.0 million customers and over 19.0 million account relationships – which is by far the largest for any Financial Services provider in country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA – (lka/ Stable)”; by Fitch Ratings Lanka Ltd.
With a view to bring the benefits of digitalization to the entire nation, People’s Bank embarked on a digital transformation journey back in 2015 by taking a pioneering role in digitization and customer engagement. Since then a host of diversified digital banking solutions have been launched that deliver enhanced convenience, speed and efficiency, and convenience to customers at every point in their interactions with the bank. People’s Bank is the first and only Bank in Sri Lanka to be accredited with the ISO/IEC 27001:2013 certification; the highest international accreditation for information protection, and security.
People’s Bank prides itself in being at the forefront of facilitating digital-financial services penetration into the rural hinterlands of the country and has recorded unmatched levels of success in supporting the nation’s evolution into a digital society.
Corporate accolades underscore the alignment between its operational excellence and national development
In an era where national competitiveness is intrinsically tied to digital connectivity, strengthening the country’s digital backbone has become an urgent priority. Within this context, the evolving role of Sri Lanka’s leading telecommunications provider, SLT-MOBITEL, offers valuable insight into how technological infrastructure can underpin broader economic resilience.
Telecommunications and digital networks are foundational to economic transformation. By expanding high-speed broadband access, upgrading enterprise cloud capabilities, and bridging the urban-rural connectivity divide, SLT-MOBITEL helps reduce business transaction costs, streamline supply chains, and enable micro, small, and medium enterprises to reach global markets.
Recent corporate accolades further underscore this alignment between operational excellence and national development. SLT-MOBITEL’s triple triumph at the National Business Excellence Awards 2026 – winning in the Infrastructure and Utilities sector, Performance Management, and ICT Services categories – highlights its growing impact. Notably, the recognition of eChannelling’s contributions to digital healthcare reflects a broader strategic pivot toward integrated technology solutions.
“Institutional efficiency of this nature is critical for attracting foreign direct investment, as global partners increasingly assess a country’s digital maturity and systemic stability before committing capital,” noted industry observers.
Moreover, the company’s transition from a conventional telecom utility to a comprehensive digital solutions provider aligns seamlessly with Sri Lanka’s national digitalisation agenda. As the country pursues public sector modernisation, enhanced e-governance, and a competitive knowledge economy, the private sector must step up to deliver secure, scalable, and future-ready networks. Investments in data centres, cybersecurity frameworks, and advanced ICT infrastructure act as strategic buffers, ensuring that Sri Lanka’s economic apparatus remains agile and resilient amid future global uncertainties.
However, industry experts caution that while these achievements are commendable, SLT-MOBITEL still has a considerable distance to cover in fully enabling a truly digital economy.
Port City Colombo (PCC) took a prominent role as Platinum Sponsor at the second edition of Sri Lanka Beyond Your Dreams, a high-level diplomatic and investment engagement hosted by the Consulate General of Sri Lanka in Dubai and the Northern Emirates. The event, held on 2nd September 2026 at the Hilton Dubai Al Habtoor City, brought together over 400 senior UAE-based business leaders, investors, diplomats, and institutional stakeholders, alongside Sri Lanka’s most senior government representatives.
The gathering was graced by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, as Guest of Honour, and Vijitha Herath, Sri Lanka’s Minister of Foreign Affairs, Foreign Employment and Tourism. A high-level Sri Lankan delegation – including the Secretary to the Prime Minister, the Chairman of the Board of Investment, the Chairman of the Export Development Board, and the Director General of Commerce – underscored the government’s strong commitment to deepening economic diplomacy with the UAE.
In his keynote address, Minister Herath reaffirmed the centuries-old ties between Sri Lanka and the Arab region, emphasising the UAE’s vital role as a key economic partner. He stressed the urgency of finalising a Comprehensive Economic Partnership Agreement (CEPA) with the UAE, which would establish a robust framework to elevate trade, investment, and bilateral cooperation. Declaring Sri Lanka “open and ready for business,” he positioned Port City Colombo as the physical embodiment of this economic mission – a modern Special Economic Zone (SEZ) with a dedicated legal framework and competitive incentives, offering UAE investors a natural gateway to South Asia while maintaining strong Gulf connectivity.
American Premium Water has secured four wins at Dragons of Sri Lanka Awards 2026, including three Gold Dragons and one Black Dragon, marking a significant milestone for the brand following its relaunch last year.
Part of the prestigious Dragons of Asia awards, Dragons of Sri Lanka brings the program’s regional platform to the local market, celebrating creative and effective marketing communications, with entries evaluated on strategic thinking, creativity, execution and impact. Established in 2000, Dragons of Asia is one of Asia’s premier results-driven marketing awards programs.
For American Premium Water, the achievements are particularly significant given that the company’s debut at the Dragons awards has resulted in four Dragons across four categories. In the distinction of Gold Dragons, American Premium Water was recognized across three categories including Product Launch or Re Launch, Cause, Environment or Sustainability and Creative Excellence while the Black Dragon was awarded in recognition of Small Budget.
Competing alongside leading brands and agencies in Sri Lanka, American Premium Water’s four wins demonstrate the strength and effectiveness of its recent work. Winning three Gold Dragons across three distinct categories highlights the breadth of the brand’s achievements, while the Black Dragon for Small Budget further emphasizes its ability to create meaningful impact through focused and efficient investment.
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