People’s Bank, for the first half ended June 30, 2024, reported a total consolidated operating income of LKR 44.6 billion and a post-tax profit of LKR 3.2 billion. Excluding the impact of exceptional adjustments given greater prudence considering current macroeconomic circumstances, these figures on a normalized basis were otherwise LKR 62.6 billion and LKR 12.7 billion, respectively, reflecting a growth of 29.9% and 104.2%.
Consolidated net interest income rose to LKR 35.0 billion during the 1H from LKR 31.4 billion in the same period in 2023. On a normalized basis, excluding the impact of any exceptional items, consolidated net interest margins improved to 3.2% from 2.1% during 2024 reflecting the reduced term deposit cost of funding.
Consolidated net fees & commissions amount to LKR 7.4 billion – representing a 19.3% growth on a like-for-like basis. Total consolidated operating expenses amounted to LKR 34.6 billion (2023: LKR 30.2 billion).
Total consolidated customer deposits touched LKR 2,885.6 billion (end 2023: LKR 2,745.2 billion) whilst net loans amounted to 1,866.8 billion (end 2023: LKR 1,823.8 billion). The impaired loan ratio also showed improvement relative to the end of 2023. Total consolidated assets reached LKR 3,364.1 billion at period end (end 2023: LKR 3,208.2 billion).
The Bank’s total Tier I and Total Capital Adequacy Ratios were 11.5% and 15.9%, respectively on June 30, 2024 (end 2023: 12.4% and 17.4%) whilst, on a consolidated basis, it was 12.8% and 16.8%, respectively (end 2023: 13.7% and 18.2%). The Bank’s solvency levels continue to remain sound.
People’s Bank Chairman Sujeewa Rajapakse stated: “The Bank has once again showcased its exceptional strength, resilience, and further improving capacity for growth across all core aspects of its operational metrics.”
“As we anticipate and navigate the complexities which yet exist in a recovering macroeconomic landscape, our focus remains on fostering innovation, enhancing collaboration, and driving advancement across every facet of our business.”
Chief Executive Officer/ General Manager Clive Fonseka, stated that: “The results from the first half of the year not only illustrate our ability to advance but also do so despite the many difficulties.”
“By emphasizing operational efficiency, elevating the customer experience, and strategically investing in technology and talent, we have adeptly positioned ourselves for sustainable growth over the longer term.”
“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.”
