People’s Bank announced the results for its year ended December 31, 2023 reporting total consolidated operating income and pre-tax profit of LKR 96.8 billion and LKR 19.3 billion, respectively.

A People’s Bank press release said: ‘Reflecting high interest costs on term deposit funding, due to the high interest rate environment which prevailed during 2022 and early 2023 – and significant interest concessions extended to the customers for the ultimate benefit of the country – saw consolidated net interest income slip to LKR 67.8 billion during the year from LKR 91.0 billion in the year prior. However, the last quarter of the year showed a forward movement on this front as its interest expense continues to normalize with the current interest rate environment. Consolidated net fees & commission income amounted to LKR 13.9 billion, reflecting a 11.0% growth over 2022 less extraordinary items during the said prior year.

“Despite inflation-pushed cost pressures, total consolidated operating expenses rose by only 5.5% to reach LKR 62.2 billion (2022 LKR 59.0 billion) ultimately reflecting stringent cost control and efficiency improvements which compared well with peers.

“Total consolidated customers’ deposits and rupee loans grew by 12.0% and 1.4%, respectively whilst it’s all currency net loans contracted by 4.0% reflecting both the appreciation of the rupee impact on its foreign currency loan book as well as measured growth by both the Bank and the Group in the first half of the year considering macro-economic circumstances. Total consolidated assets stood at LKR 3,208.2 billion at period end (end 2022: LKR 3,133.1 billion).

“The Bank’s Tier I and Total Capital Adequacy Ratios were 12.4% and 17.4%, respectively at December 31, 2023 (end 2022: 11.9% and 16.3%) whilst, on a consolidated basis, it was 13.7% and 18.2%, 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 in process.

“Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Sujeewa Rajapakse, stated, among other things, that: ‘Considering the added burden shouldered as a State Bank – amidst the most challenging set of circumstances over the last four (4) years, I am very pleased with the Bank’s overall performance on both quantitative and, even more importantly, a qualitative front.

Taking on some of these challenges head-on, we have navigated the first phase of the Domestic Debt Optimization program with great success, converted our rupee liquidity stresses to now an all-time high excess, further augmented our regulatory capital amidst limiting circumstances and drive super normal growth across all our overall digital platforms – all of which whilst continuing to place national interest and serving our customers at the heart of all our decision making ahead of profitability.’

In a significant step towards revolutionizing the healthcare sector in Sri Lanka, Doc990 by Dialog Axiata PLC launched the innovative Clinic Management System, improving patient experiences, provide patients access to their nearest clinics, and optimising clinic operations.

The cornerstone of this initiative is the seamless integration of appointment management, enabling clinics and patients to enjoy unparalleled convenience. The system promises a streamlined experience, epitomising ‘Health at Your Fingertips’ whether it is managing walk-in appointments or scheduling appointments through the Doc990 App or website. A standout feature of this platform is the robust Pharmacy Management System, empowering pharmacies with accurate stock levels, streamlined prescription handling, and insightful reports. Further, the sophisticated Laboratory Management System handles the entire spectrum of laboratory operations, ensuring efficient order management, customised report generation, and detailed MIS reports.

Commenting, Renuka Fernando, Group Chief Digital Services Officer of Dialog Axiata PLC said, “With the launch of Doc990’s Clinic Management System, we envision a future where healthcare is seamlessly accessible, patient experiences are enhanced, and clinics operate at optimal efficiency. This platform reflects our commitment to transforming the healthcare sector in Sri Lanka and deliver ‘Health at Your Fingertips’. In pioneering these solutions, we aspire to set new standards, providing unparalleled convenience and fostering a healthier, connected community.”

Doc990, operated by Digital Health Private Limited, offers medical services to subscribers from the convenience of their mobile phones. Launched in 2016, Doc990, a subsidiary of Dialog Axiata PLC, connects users with more than 5,000 doctors in over 140 hospitals through its digital health platform which is accessible to users via www.doc.lk, by dialling 990 or via the Doc990 app, available on Android and iOS.

Doc990 offers a range of medical services, including doctor channelling sessions at hospitals island-wide for physical consultations while connecting users virtually with qualified Doctors and enabling the operation of quality pharmacies and laboratories through digital health tech, with the aim of transforming the delivery of integrated healthcare through home-based solutions.

The Richard Pieris Group, led by visionary leader Dr. Sena Yaddehige, has evolved into one of the largest and most diversified conglomerates in Sri Lanka. With a 91-year legacy, the Group operates across multiple sectors. Today, the Group is an integral part of Sri Lankan lives and a catalyst for economic progress.

From a modest beginning of a filling station in 1932, Richard Pieris Group has experienced phenomenal success, growing into one of the top diversified business conglomerates in the country with interests in Retail, Plantations, Rubber, Furniture, Tyres, Plastics, Insurance, Stock brokering, Financial services, and Logistics. It is one of the largest listed entities on the Colombo Stock Exchange. The Group is known for its acclaimed brand identity, Arpico.

Dr. Sena Yaddehige, the Visionary leader driving the Group’s strong foundations, is a prominent businessman, entrepreneur, and Chairman, Managing Director, and CEO of the Group. He is an ingenious scientist, engineer, inventor, and Swiss-based entrepreneur with a remarkable track record. Dr. Yaddehige’s expertise and leadership have been instrumental in the development of the largest automotive sensor business in the UK, leveraging innovative technology and numerous patents. He has also pioneered radiation processing innovations.

Under Dr. Yaddehige’s strategic direction, despite a volatile domestic and global economy in FY2022/23, the Group delivered a resilient financial performance. The Group recorded revenues of LKR 79.1 billion, representing 17% growth, an increase from LKR 67.6 billion in the previous year. Operating profit grew by 9% to LKR 11.7 billion from LKR 10.7 billion.

The Group also maintained a strong financial position, with total assets growing by 3% to LKR 87.5 billion and Shareholder Funds growing by 7.4% to LKR 24.5 billion. In addition, Market Capitalisation was LKR 42.1 billion, up 55.3% from LKR 27.1 billion the previous year. Dividend pay-out ratio increased to 0.29 from 0.18, and dividend per share.

To further acknowledge its exceptional performance and demonstrate its commitment to growth, the Group hosted an exclusive gathering with over 500 attendees, including business leaders and diplomats. The Group also unveiled its strategic roadmap, including its vision for 2024 and beyond.

The Group’s Chairman, Managing Director, and CEO, Dr. Sena Yaddehige, expressed delight, acknowledging the company’s continued growth and resilience. Through the perseverance and passion of the Group’s people, it has emerged stronger during macro-economic storms.