People’s Bank, Sri Lanka’s leading financial services provider, announced its financial results for the first quarter ended March 31, 2024.
The Bank reported total consolidated operating income of LKR 20.4 billion and post-tax profit of LKR 2.5 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 28.4 billion and LKR 6.6 billion, respectively, reflecting a growth of 18.2% and 35.8%.
Consolidated net interest income rose to LKR 16.1 billion during the quarter from LKR 15.3 billion in the same period 2023. On a normalized basis, excluding the impact of any exceptional items, consolidated net interest margins improved to 3.0% from2.0% during 2023 reflecting thereducing term deposit cost of funding.
Chairman of People’s Bank, Sujeewa Rajapakse,said “We are pleased with the steadfast progress made by the Bank on many fronts even amid interim pressures stemming from the yet ongoing – and likely to be soon concluded – debt restructuring initiatives of the Government of Sri Lanka.We reasonably expect that these pressures will normalize in the near term with the support of all key stakeholders.”
“Notwithstanding, the Bank has yet again demonstrated its strength, resilience and capacity to deliver positive growth across all core operating metrics even amid such limiting circumstances. Looking ahead, whilst navigating the challenges which naturally exists in a reviving macro-economic context – we remain focused on innovation, collaboration, and the drive for forward movement across all aspects of our business, ensuring that we continue to play our leading role in any and every way possible in the country economic revival”
Peoples Bank’s Chief Executive Officer/ General Manager Clive Fonseka stated that: In the face of unforeseen challenges, our team has once again demonstrated its resilience, adaptability, and unwavering commitment. “Our first-quarter not only showcases our ability to grow amid challenges but importantly, the strength and resilience of our business.”
Total consolidated customers deposits touched LKR 2,808.3 billion (end 2023: LKR 2,745.2 billion) whilst net loans amounted to 1,845.4 billion (end 2023: LKR 1,823.8 billion).
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