Business
People’s Bank records unprecedented bottom line and balance sheet growth
For the financial year 2021 People’s Bank reported a consolidated total operating income of LKR 110.7 billion and total operating expenses amounting to LKR 50.5 billion which represents an increase of 21.9% and 14.9% respectively over 2020. Bank’s consolidated pre-tax and post-tax profits amounted to LKR 37.2 billion and LKR 28.1 billion; representing a 51.1% and 74.6% growth.
On a Bank standalone basis, Bank’s PBT and PAT figures were LKR 30.4 billion and LKR 23.7 billion, respectively-up 43.2% and 67.3% over 2020. Income growth primarily stemmed from net interest income, which accounted for close to 90.0% of total operating income and grew by 30.2% in line with the Bank’s growth in its credit and investment portfolio, whilst its fee income grew by 23.4% to reach LKR 9.0 billion; reflecting People’s Bank’s efforts to improve its non-funded income sources. Underscoring the bank’s operational efficiency Bank’s cost to income ratio has shown a marked improvement at 51.1% in 2021 as compared with 54.3% in 2020 and61.8%in 2019.
In 2021 the Bank’s consolidated loan book expanded by 12.1% to reach LKR 1,990 billion while its consolidated deposit base grew by 12.1% to LKR 2,168.7 billion.
Total consolidated taxes and dividends to the Government of Sri Lanka totaled LKR 20.4 billion during 2021, representing a 25.1% growth over LKR 16.3 billion in 2020.Its Consolidated Tier I and Total Capital Adequacy was 13.4% and 17.9%, respectively at end 2021 (end 2020: 10.7% and 15.6%). On a Bank standalone basis, these were 12.6% and 17.8%, respectively (2020: 9.5% and 15.5%).All other regulatory ratios were all maintained well above the minimum requirement.
During the year, the Bank invested in rural development, supported small and medium-sized enterprises (SMEs) and encouraged women entrepreneurship. At end 2021, it extended over LKR 63.0 billion to SMEs through various loan initiatives; which included close to LKR 1.9 billion through its own scheme to help revive businesses across agriculture, information technology, logistics, manufacturing, tea and tourism.
Company stresses ambition to surpass this milestone
Eyes markets across Africa and beyond
In a groundbreaking achievement for Sri Lanka’s IT and electronics manufacturing industry, EWIS Colombo Ltd, the country’s first and only local computer manufacturer, has successfully exported its first consignment of locally built laptops to Zimbabwe.
This landmark event not only positions Sri Lanka as an emerging force in global IT hardware manufacturing but also highlights EWIS’s commitment to innovation, quality, and excellence on the international stage.
This historic shipment, dispatched from EWIS’s state-of-the-art manufacturing facility in Samajasewapura, Sooriyawewa, underscores the company’s dedication to delivering world-class technology solutions. With over 11 years of expertise in manufacturing and assembly, EWIS Colombo Ltd has played a pivotal role in driving Sri Lanka’s ICT sector forward. As a Board of Investment (BOI) Section 17-approved company, EWIS has established the country’s first and only local computer manufacturing plant, paving the way for the nation’s growth in high-tech exports.
Speaking on this momentous achievement, Sanjeewa Wickramanayake, Chairman of EWIS Colombo Ltd, said: “This milestone is not just for EWIS but for Sri Lanka as a whole. It proves that our country has the talent, capability, and ambition to manufacture and export high-quality IT products, competing confidently on the global stage. As we continue expanding beyond local markets, we take immense pride in showcasing Sri Lanka’s excellence in technology and innovation to the world. EWIS’s commitment to world-class quality is reinforced by its ISO 9001:2015, ISO 14001:2015, CE, FCC, and RoHS certifications, ensuring compliance with international quality, safety, and environmental standards.”
Speaking further he said:
“For nearly four decades, EWIS has been a trailblazer in Sri Lanka’s ICT sector, delivering cutting-edge solutions for education, businesses, and government enterprises.
With over 11 years of local manufacturing and assembly expertise, EWIS has continuously refined its capabilities to produce high-quality, internationally competitive IT hardware. The successful export to Zimbabwe represents a bold step toward expanding EWIS’s global footprint, reinforcing Sri Lanka’s potential as a world-class technology and manufacturing hub.”
Dialog Television, Sri Lanka’s #1 Pay-TV service provider, has partnered with Emerging Media to enhance the convenience and effectiveness of advertising. This collaboration brings together Dialog Television’s world-class entertainment, featuring 18 advertisable channels across genres such as movies, edutainment, kids, music, sports, and local content, with Emerging Media’s expertise in digital advertising and targeted marketing. This synergy creates a seamless platform for businesses to maximize brand exposure across multiple channels.
With a reach of over 1.7 million households, Dialog Television provides advertisers with a powerful avenue to engage diverse audiences. Brands can place advertisements on leading international and local channels such as &flix, Star Movies, TLC, Animal Planet, AXN, Zee Café, Comedy Central, Star Plus, A+, Nickelodeon, Star Vijay, Zee Tamil, Star Sports, Ten Cricket, Sony SIX, ThePapare TV, Channel One, Citi Hitz and Channel C. Through this partnership, Emerging Media will facilitate advertising sales, allowing businesses to target specific viewer segments while simplifying the media buying process with a single point of contact.
Commenting on the partnership, Lim Li San, Group Chief Operating Officer at Dialog Axiata PLC, stated, “As Sri Lanka’s premier Pay-TV service provider, we serve more than 1.7 million households with over 6 million pairs of captive eyeballs across Sri Lanka. Today, we are excited to embark on this partnership with Emerging Media to avail our Dialog Television platform and brand strength to provide quality advertisement exposure and customer engagement to local businesses across Sri Lanka.”
The International Institute of Health Sciences (IIHS), a pioneer in healthcare training for over 23 years, has partnered with the University of Surrey, UK, to revolutionise healthcare education in Sri Lanka and the broader South Asian region. This will create a world-class academic pathway for aspiring nursing and healthcare professionals, as well as young individuals seeking careers in the field. Under this agreement, IIHS and the University of Surrey will introduce a series of academic initiatives to enhance healthcare training and accessibility.
These include delivering internationally recognised nursing programmes that allow Sri Lankan and regional students to earn globally competitive qualifications in Sri Lanka.
Commenting on the move, Dr. Kithsiri Edirisinghe, CEO & Dean of Undergraduate Studies at IIHS, said: “This MOU marks a significant step in our mission to deliver world-class healthcare education to Sri Lanka and the region. IIHS remains dedicated to shaping the future of healthcare professionals and fostering global healthcare leadership.” Dr. Shelini Surendran, Associate Dean (International) at the University of Surrey, emphasised: “Sri Lanka is establishing itself as a regional education hub, and this partnership ensures students across Asia can access top-tier UK healthcare education at IIHS. By bridging academic excellence with accessibility, we provide students with a clear pathway to their professional goals.”
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