People’s Bank says record income in 2017
View(s):People’s Bank has announced the consolidated results of its year ended December 31, 2017 with gross income increasing by 31.4 per cent to Rs. 190.2 billion.
“Total operating income grew by 15.2 per cent to reach an industry high of Rs. 78.8 billion. Operating expenses increased by a controlled 4.9 per cent to Rs. 37.2 billion,” the bank said in a statement to the media this week.
Profit before tax increased by 17.4 per cent to reach a group all time high of Rs. 29.9 billion. On a bank standalone basis, this was Rs. 25.9 billion, up by 24.5 per cent.
Group profit for the year increased by 14.2 per cent to Rs. 20.5 billion and its return on equity was 21.4 per cent. The group’s contribution to the government in the form of taxes, special levy and dividends amounted to Rs. 23.3 billion against Rs. 22.9 billion in 2016.
Commenting on the results, Bank Chairman Hemasiri Fernando said: “Our all-round successes are owed to our customers and our valued employees. It reflects the bank’s capacity and willingness to consistently push the limits of performance even amidst challenging circumstances. In terms of near term goals, expediting the Cabinet of Ministers approved amendments to the People’s Bank’s Act is our foremost priority.”
CEO/General Manager Vasantha Kumar added: “2017 was an exceptional year for the bank. Record top and bottom line numbers attest to the collective effort of our entire team on a day in day out basis.
Successes stemmed from every aspect of operations – be from a retail and corporate banking perspective, to an improved product service delivery capability, enhanced collection and recovery due processes, treasury successes and those which stemmed from process refinements and improved regulatory capital and risk control. Amongst all, our 2017 highlight is our digital roll out. Our leadership on this front remains best described in a significant number of conventional to digital branch conversions since first rolled out and over 100 Self Banking Units now established island-wide”.