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With an impressive 91.9% increase in Net Interest Income, People's Bank unveiled a cascade of ground-breaking financials in a splendid all-round performance in the first quarter ended March 31, 2015.
The Net Interest Income zoomed to Rs. 12.16 billion in the first quarter 2015 compared to Rs. 6.34 billion during the corresponding period in 2014.The Bank's pre-tax profits surged to Rs. 4.02 billion, witnessing 17.3% growth in comparison to Rs. 3.43 billion in the first quarter of 2014.
Profit after tax also saw a satisfactory 11.4% growth, climbing to Rs. 2.84 billion in 2015 from Rs. 2.55 billion the previous year. Net Operating Income ballooned to Rs. 11.77 billion from Rs. 9.41 billion in 2014 - a 25.1% increase over the period under review.
The Bank's total assets grew by 3.1% to Rs. 1.06 trillion by March 31st, 2015 compared to Rs. 1.03 trillion in December 2014. Tier 1 of the Capital Adequacy now stands at 10.5%, while the total capital ratio is 13.4%.
The overall savings base of People's Bank increased to Rs. 328 billion in the first quarter, in comparison to Rs. 318.9 billion at the end of 2014.With a 7% growth, Gross Loans stands at Rs. 732 billion at present, compared to Rs. 685 billion in December 2014.
People's Bank Chairman, Hemasiri Fernando said, "as a singular and focused bank, the significant growth in the savings and loans portfolios and other segments were well placed and did work out as planned".
"We have launched an ambitious project to make People's Bank the most digitalized bank in Sri Lanka", the Chairman stressed.
Fernando said that the necessary funds to digitalize the People's Bank has already been budgeted and the initiative will be launched soon.
CEO/General Manager, N. Vasantha Kumar said that further improving customer care and staff training and development are key areas that the bank is focusing on in its onward journey to achieve greater excellence.
Courtesy: Daily News 01 June 2015
