People’s Bank sees strong income growth in 9mths-2024
View(s):People’s Bank has reported total consolidated operating income of Rs.75.4 billion and post-tax profit of Rs. 6.4 billion for the nine months period ending September 30, 2024.
Excluding the impact of exceptional adjustments in view of greater prudence, considering the yet to be finalised debt restructuring initiatives, these figures on a normalised basis were otherwise Rs.101.5 billion and Rs.20.2 billion, respectively, reflecting a growth of 50 per cent and 193.6 per cent, in the previous year, the bank said in a media release.
Consolidated net interest income rose to Rs.60.4 billion during the review period from Rs.44.6 billion in the same period in 2023.
Total consolidated customers deposits touched Rs.2,933.2 billion (end 2023: Rs.2,745.2 billion) whilst net loans amounted to Rs.1,848.5 billion (end 2023: Rs.1,823.8 billion). Total consolidated assets reached Rs.3,396 billion (end 2023: Rs.3,208.2 billion).
Commenting on the results of the bank, its CEO/General Manager Clive Fonseka said: “The bank has made notable positive progress on several fronts despite the many challenges encountered due to the country’s deeply distressed macro-economic circumstances. While a few obstacles yet remains, we remain confident that these will also be resolved in the near-term, under the leadership and guidance of our Chairman and Board of Directors, and with the support of all key stakeholders. Our focus remains to continuously enhance every aspect of the bank’s business with our core priorities being to further enhance operating efficiencies, foster innovation, and ultimately deliver greater value to the country’s economy.”
Commenting on the results, the bank’s Head of Finance Azzam A. Ahamat stated that: “Amidst unforeseen challenges, the bank has once again demonstrated its resilience, adaptability, and unwavering commitment to growth across various aspects of its business; both from a quantitative and qualitative standpoint.”
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