People’s Bank achieves income of Rs.181.9 bn in H1-2024
View(s):People’s Bank this week reported total consolidated operating income of Rs.44.6 billion and post-tax profit of Rs.3.2 billion for the first half of 2024.
“Excluding the impact of exceptional adjustments in view of greater prudence considering current macro-economic circumstances, these figures on a normalised basis were otherwise Rs.62.6 billion and Rs.12.7 billion, respectively, reflecting a growth of 29.9 per cent and 104.2 per cent (from the previous year),” the bank said in a media release.
Consolidated net interest income rose to Rs.35 billion during the 1H from Rs.31.4 billion in the same period 2023.
Total consolidated customers deposits touched Rs.2,885.6 billion (end 2023: Rs.2,745.2 billion) whilst net loans amounted to Rs.1,866.8 billion (end 2023: Rs.1,823.8 billion). The impaired loan ratio also showed improvement relative to end 2023. Total consolidated assets reached Rs.3,364.1 billion (end 2023: Rs.3,208.2 billion).
Commenting on the results of the bank and the group, the Chairman of People’s Bank, Sujeewa Rajapakse, said: “We are very pleased with the bank’s steadfast progress across various dimensions, notwithstanding the yet interim pressures associated with the yet to be concluded debt restructuring initiatives of the Government of Sri Lanka. We remain optimistic that these pressures will and should abate in the near term, with the support of all key stakeholders.”
The bank’s CEO/General Manager Clive Fonseka, stated that: “Amidst unforeseen challenges, our team has yet again exemplified its resilience, adaptability, and steadfast commitment. The results from the first half of the year not only illustrate our ability to advance but also do so despite the many difficulties. As we proceed through the remainder of the year, our focus remains sharply aligned with our strategic priorities while navigating the yet prevailing challenges. We remain committed to fostering innovation, cultivating collaboration, and driving transformative change at every juncture, ensuring that we maintain our leadership position within the industry.”
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