PB expands balance sheet by close Rs.350 b during 9mts in 2021

People’s Bank on Wednesday announced the results for its nine months period ended September 30, 2021 reporting asset and deposit growth at a record Rs. 349.7 billion and Rs. 276.6 billion, respectively, growing by 15.7 per cent and 15.1 per cent during the said period.

Growth in net loans and investment in treasury securities was Rs. 167.4 billion and Rs. 191.4 billion, respectively. “On a standalone basis, the bank accounted for close to 20 per cent of the banking sector’s asset and net loan growth during the 21-month period ending September 30, 2021; which is a feat self-attesting to the contribution made by the institution to the national cause and the Government,” the bank said in a media statement. At September 30, 2021 - close to 50 per cent of the bank’s gross loans were to state and other state-owned enterprises.

Looking at some of the 9-month 2021 highlights, net interest income rose by 38.9 per cent whilst total operating income grew by close to 30 per cent.

Total taxes and dividends to the Government during the said period was Rs. 9.7 billion.

Commenting on the results, Bank Chairman Sujeewa Rajapakse said: “We are pleased with the role and contribution of the institution more so during a time of extraordinary challenge, change and need. We remain of service to the country in a time it needs us the most and are committed to the Government’s long term Vistas of Prosperity and Splendor initiatives.”

Bank CEO/GM Ranjith Kodituwakku said: “2021 is a year unlike any seen. The year to date period has put to test our continued commitment, our continued access, our digital capabilities, our customer centricity and our ultimate ability to rise to our national duty.”

Details of profite before taxes or after taxes were not contained in the statement.