Connect with us

Business

People’s Bank’s consolidated financial support extended during 2020 & 2021 crosses LKR 1.0 trillion

Published

on

Sujeewa Rajapakse Chairman of People's Bank,Ranjith Kodituwakku, Chief Executive Officer/ General Manager

People’s Bank today announced the results for the year ended December 31, 2021 – with consolidated total operating income reaching LKR 110.7 billion and total operating expenses amounting to LKR 50.5 billion, either of which up 21.9% and 14.9% respectively over 2020. 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, 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 the Bank efforts to improve its non-funded income sources. Expense growth mostly related to direct business growth. Relative to 2019, the Bank’s cost to income ratio has shown a marked improvement at 51.1% in 2021 as compared with 54.3% in 2020 and 61.8% in 2019. Bank-wide impairment charges rose reflecting macro-economic stresses as seen throughout the industry.

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. In conjunction with the Small Holder Agri-Business Partnership (SAP), introduced a low-interest credit scheme for 5,000 farmers with an initial provision of LKR 1.0 billion. To support the production of local fertilizer, the Bank introduced the Sarabhoomi loan scheme whilst to promote women entrepreneurship, it extended LKR 533.5 million. The Bank also introduced additional loan schemes to assist self-employment in the agricultural and handicrafts spaces. To support the country’s investment in information technology, the Bank committed LKR 6.0 billion of which LKR 750.0 million was already drawn down. From a Personal Loan perspective, in its effort to uplift the housing and construction sector, the Bank granted over 10,000 home loan facilities amounting to over LKR 185.8 billion at end 2021. In addition, by end 2021, it had disbursed over LKR 5.5 billion to retired disabled officers of armed forces and over LKR 68.5 billion to government pensioners. To assist artists and related professionals, the Bank disbursed over LKR 550.0 million, whilst to assist University Students and Teachers, the Bank designed laptop loan schemes through which a total of LKR 350.5 million was extended throughout the year. Medical students at state universities were similarly offered personal loan facilities.

All the above considered, the Bank’s consolidated loan book expanded by 12.1% to reach LKR 1,990 billion at end 2021. The Bank’s stage 3 loans were, however, at 4.3% (2020: 4.5%). In addition, the Bank undertook approximately LKR 453.0 billion treasury bond conversions during the said two-year period. Growth in its consolidated deposits was 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%); either of which not institutional all times highs but also amongst the highest in the industry. All other regulatory ratios were all maintained well above the minimum requirement.

Commenting on the results, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “We are very pleased with the results of the Bank more so as attained during unseen like before circumstances. As a service provider, the last two years have put our promise and our ability to deliver to the ultimate test. As a national institution, we don’t measure our success by a typical top line or bottom line but by our national value added – with our results both from a quantitative and qualitative perspective self-attesting to our resilience in these difficult times and overall performance including, most notably, our productivity & efficiency. All the above said, our job is far from over. Not complacent with any of our successes, we remain focused and fully committed to the Government economic revival plan. Mindful of the challenges which lie ahead, we look forward with a great degree of optimism. Together, we can!”



Business

APHNH aims to make Sri Lanka more competitive for healthcare investment

Published

on

Deputy Minister of Health and Mass Media, Dr. Hansaka Wijemuni addresses the audience

Sri Lanka private healthcare leaders recently pledged an action plan with timelines to address the practical priorities of Sri Lanka’s healthcare sector while making it more viable for local and foreign investments.

The Association of Private Hospitals and Nursing Homes (APHNH) has committed to converting recommendations from its first Healthcare Leadership Summit into a trackable outcome document with defined actions, responsibilities, and timelines, marking a shift from discussion to implementation in sector reform efforts.

The summit held on March 9 at Waters Edge, Colombo, brought together hospital leaders, policymakers, regulators, insurers, and international experts to address practical priorities for Sri Lanka’s healthcare sector.

A key outcome of the summit was APHNH’s plan to consolidate recommendations into a single, trackable charter that will outline specific actions, assign responsibilities, establish timelines, and provide periodic progress updates.

“Our objective is to bring the right decision-makers into one room and focus on what can be implemented, not only what can be discussed, ” said Raveen Wickremesinghe, President of APHNH. “We are committed to taking the inputs from today and converting them into a clear, trackable set of actions that strengthens quality, transparency and public confidence, while supporting national health priorities. “

The summit featured insights from Dr. Hafeez Rahman Padiyath, Dr. Hamdani Anver, and Chandana L. Aluthgama on scaling quality and operational discipline. A keynote and fireside discussion with Dr. Paiboon Eksangsri, President of the Private Hospital Association of Thailand, explored lessons from Thailand’s private healthcare development and conditions for making Sri Lanka more competitive for healthcare investment.

By Sanath Nanayakkare

Continue Reading

Business

Atlas SipSavi Naththal Poronduwa records positive public participation, benefiting 10,000 students

Published

on

Atlas, Sri Lanka’s No. 1 learning brand, successfully concluded Atlas SipSavi Naththal Poronduwa, a national initiative that saw strong public participation in supporting children at risk of dropping out of school due to financial hardship. At a time when more than 22,000 Sri Lankan children leave school each year due to rising economic challenges, the initiative reinforced Atlas Sipsavi’s long-standing ‘No Child Left Behind’ promise by turning seasonal generosity into meaningful educational support.

The initiative reached 10,000 students, with beneficiary schools carefully selected to ensure support reached those most in need. The collected books were distributed to children at risk of dropping out, including those whose education had been disrupted by recent adverse weather, ensuring students had essential learning resources at the start of the new school term. Through its flagship Atlas SipSavi programme, the brand focused on improving access to education by providing essential learning tools, scholarships, and infrastructure to create better learning environments, bringing its purpose of ‘making learning fun’ to life in a meaningful way. As part of the initiative, the public was invited to donate schoolbooks, with each contribution matched one-for-one by Atlas. Donation boxes were placed at all Keells outlets island-wide and at Sarvodaya District Offices, making it easy for communities to take part.

Continue Reading

Business

John Keells Logistics expands strategic engagement with CWIT through inter-terminal transport operations

Published

on

Representing JKLL: Lasitha Manchanayake: CEO, Dilum Liyanage: Snr. Manager - Transport Operations, Kavinda Jayasinghe: Manager - Operations and Randi Peiris: Asst. Manager - Commercial. Representing the John Keells Group: Zafir Hashim: President - Transportation, Plantations and IT Sectors and Asha Perera: CFO. Representing CWIT: Munish Kanwar: CEO, Iresh Siriwardena: COO, Devanshu Bhatia: Head of Techno Commercial, Madhuranga Wijesekara: In Charge - GATE Process, Sandun Niroshan: Duty Manager.

John Keells Logistics (Pvt) Ltd (JKLL), one of Sri Lanka’s leading third-party logistics solutions providers, has successfully expanded its operational engagement with Colombo West International Terminal (Private) Limited (CWIT), through inter-terminal transport services within the Port of Colombo. This enhanced engagement further strengthens CWIT’s efforts to improve operational efficiency, reliability, and scalability across terminal activities.

Inter-terminal transport plays a critical role in modern port operations, requiring high levels of coordination, precision, and operational discipline. JKLL’s appointment for ITT operations reflects CWIT’s confidence in the company’s demonstrated capabilities in managing complex transport operations within a high-throughput port environment.

The ITT operations are underpinned by JKLL’s technology-enabled logistics framework, incorporating real-time fleet tracking, performance monitoring systems, and data-driven operational planning. These capabilities provide enhanced visibility and control over transport movements, while ensuring compliance with established safety, productivity, and service quality standards.

The awarding of this engagement to JKLL is a testament to the successful implementation of the Inter-Terminal Vehicle (ITV) operations undertaken by John Keells Logistics at CWIT during the previous year. The ITV assignment was executed through structured operating procedures and disciplined service delivery, contributing to improved cargo movement, operational coordination, and service continuity within the terminal. The performance outcomes of the ITV operations provided the basis for the subsequent expansion of the partnership into ITT services.

Continue Reading

Trending