Pretax profit of Rs.11.4 bn for 9M23 at People’s Bank

People’s Bank has announced the results for its nine-months period ending September 30, 2023 with total consolidated operating income and pre-tax profit was Rs.67.6 billion and Rs.11.4 billion, respectively.

Due to the higher cost of term deposit funding - which stemmed from the high interest rate environment which prevailed during much of 2022 - consolidated net interest income slipped to Rs.44.6 billion during the nine-months ended September 30, 2023. Consolidated net fees and commission income amounted to Rs.10.8 billion which, excluding one off items during 9M-22, represented a near 9 per cent growth on a like-for-like basis, the bank said in a statement.

Total consolidated customers deposits grew to reach Rs.2,652.6 billion, up by 8.3 per cent, whilst consolidated net loans contracted by 5.4 per cent to Rs.1,812.1 billion.

Commenting on the results, Chairman of People’s Bank, Sujeewa Rajapakse, stated that:

"The country’s outlook currently hinges on the success of its external debt restructuring, fiscal consolidation and the success in implementing several key structural reforms. Despite the many uncertainties, both macro-economic and otherwise - our diversified portfolio and unique offerings have enabled us to positively contribute towards our overall performance during the first nine months of this year. One such example is our efforts to improve the overall foreign currency inward worker remittances for the benefit of the bank and ultimately the country.”

Bank CEO/General Manager

Clive Fonseka, said: "We are making continuous strides in executing our operational plan notwithstanding the many challenges posed by the external environment. Our digitalisation strategy remains at the heart of every internal thinking and decision-making process. Substantial improvement in our liquidity profile during the year-to-date period is one of our key accomplishments and, with the economy showing positive signs of rejuvenation, we now remain focused on expanding our loan book in a measured manner.”