People’s Bank retains No.3 spot in Sri Lanka’s Most Valuable...
Only entity among Top 3 to have positive incline in brand value
Brand rating improves to AAA
Only state bank to increase in brand value in current rankings
In the 17th annual review of Sri Lanka’s Most Valuable Brands published by Brand Finance Lanka, People’s Bank retained its No. 3 ranking, having also increased its brand value by 1.4 percent to Rs.46.1 million.
The Brand Finance certificate was officially handed over by Brand Finance Managing Director Ruchi Gunewardene to People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku, at the People’s Bank head office, in the presence of several members of the corporate and executive management of the bank.
This increase in value was not observed either among the top two entities nor among other state banks in the Top Ten rankings, giving credence to People’s Bank’s constant digitalisation stimulus being a crucial imperative in adding value to its brand.
Brand Finance also gave People’s Bank an increased brand value rating of AAA- from its AA+ last year, increasing its brand score from 75.06 to 80.39. The bank’s digitalisation momentum throughout 2019 and after, despite significant challenges faced post the Easter attacks in April 2019, proved its mettle to retain its position and increase its brand value.
Citing that brands were hard pressed to perform in an extremely challenging economic environment, Brand Finance noted a 4 percent drop in brand value among the 100 Most Valuable Brands and post COVID-19, expects it to decline a further 9.5 percent. The annual review covers multiple sectors, including banking, consumer products and services, conglomerates, telcos, exports, e-commerce and MNCS.
In its report, Brand Finance refers to digital transformation and automation being the key growth factor in managing challenges, a feature that will further accelerate with COVID19. It states that this year has witnessed banks at the forefront of innovation, such as Peoples’ Bank, notching an increase in both their brand strength and brand value.
People’s Bank’s unrelenting innovation mindset has enabled it to add to its brand value, at a time when others experienced a decline. To be the only entity among the top three most valued brands to showcase an increase in brand value and to be the only state bank quoted by Brand Finance as being in the forefront of innovation, points to the fact that the bank’s model is right.
Innovation is the nucleus upon which People’s Bank has continued to build the brand, reputation and business upon. The bank’s farreaching digitalisation process has been the panacea for its excellent performance in the Most Valuable Brand index and being the vanguard in transforming conventional banking business into one that embraces the future in a sustainable and going concern, is how it wants to work in these very uncertain times.
With the bank’s brand value increasing to Rs. 46,161 million, equity scores which account for 50 percent of brand strength increasing to 83.13, People’s Bank continues its upward trajectory in being aligned to the bank of the people.
Being the only brand to continuously remain within the Top 3 is augmented by the improved AAA- rating given by Brand Finance. In addition, the increase by 11.04 percent in forecast revenue and 10.05 percent in brand strength has eliminated any negative impacts that may accrue due to country risk being increased by 10.03 percent.