People's Bank celebrates world MSME Day with Biz fair 2002

Coinciding with World Micro - Small and Medium Scale Business Day, the small and medium scale business unit of People's Bank, recently organized a trade fair called 'Biz Fair 2022' at the third floor of their Head Office, Colombo 02.
This fair was held with the participation of several entrepreneurs who benefitted from the ‘People's Spark’ entrepreneurship development program along with other business clients. The exhibition consisted of stalls promoting clothes, confectionery items, dairy products, spices and related products, organic fertilizer, electrical items, ornamental jewelry and much more.
This Biz fair commenced with the patronage of the Chairman of People's Bank - Sujeewa Rajapakse and Chief Executive Officer /General Manager - Ranjith Kodituwakku. Senior Deputy General Manager (Payment, Digital, Process Management & Quality Assurance) of People's Bank - K. B. Rajapakse, Senior Deputy General Manager (Overseas Customer Services) - Rohan Pathirage, Deputy General Manager (Enterprise Banking) - Krishani Narangoda, Asistant General Manager (Small and Medium Enterprise) - Wickrama Narayana, other members of the corporate and executive management and other staff members also participated.

People’s Bank becomes the first bank to issue and acquire LankaPay Debit card

People’s Bank, Sri Lanka’s leading commercial bank, has stepped forward once again to strengthen Sri Lanka’s economy by saving valuable foreign exchange via a partnership with LankaPay to issue debit cards under the National Card Scheme (NCS). With this initiative, People’s Bank became the first bank in the country to simultaneously fulfill both issuer and acquirer functionalities of LankaPay Debit cards.
People’s LankaPay debit card provides customers with a range of benefits including the lowest ATM withdrawal fees of LKR 15/- per transaction via other bank ATMs. Customers can also use this Debit card for Point of Sales (POS) transactions at over 42,000 terminals island-wide. Increased usage of these cards would result in bringing down the current merchant commission (MDR) of around 3-3.5% to a much lower 1%, which will make card transactions more affordable, especially to SME merchants. This benefit is expected to be passed down to the customers as the smallest merchants currently add the MDR to the value of the goods/services, which has been a primary reason for the slower penetration of card payments in the country.
Another unique feature of the People’s LankaPay Debit cards issued this time is the dual functionality it holds where there is a stored value element in addition to the debit card feature within the same card. Partnering with the Central Bank, the Ministry of Transport, the National Transport Commission (NTC), Sri Lanka Transport Board (SLTB) and LankaPay, People’s Bank has already started a pilot project in the Southern expressway to issue transit cards. Using this capability, commuters will be able to pay their transport fare by simply tapping their cards on the ticket machine available with the bus conductor. After the successful pilot run, People’s Bank will further expand this Transit Card national initiative to other routes as well.
Commenting on the bank’s latest achievement, People’s Bank Chairman Mr. Sujeewa Rajapakse stated “As a nation-minded entity, we are delighted to be a part of this national initiative, which saves valuable foreign exchange for the country in this hour of need. As the leader in introducing cutting-edge technology to the nation, we are confident that this solution will pave the way for many more futuristic value additions in the near future”.
People’s Bank’s Acting CEO/GM Clive Fonseka, expressing his views on reaching this milestone said “This is yet another perfect example of how modern technology can be used to offer viable and practical solutions that provide true value to the general public. Such achievements further re-affirms People’s Bank’s objective of becoming the country’s leader in the use of technology for the benefit of everyone.”
Under the guidance of the Central Bank, LankaPay launched the National Card Scheme in partnership with JCB International - an International Card Scheme headquartered in Japan, which is present in many territories including China, India, Indonesia and Thailand with over 150 million cardholders and over 41 million merchant points worldwide. Thanks to this partnership LankaPay Debit cards will be accepted overseas through JCB network. JCB is one of the six members of the EMVCo alliance. EMV® is a registered trademark in the U.S.A and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.
LankaPay’s quest as the country’s national payment network has been to minimize the cost structure within the financial sector through a common infrastructure thereby reducing the cost to the banks, customers, and the country as a whole. LankaPay cards will route all domestic transactions locally and only overseas transactions will be routed via the JCB International network. This initiative will ensure that no foreign exchange outflow takes place for any local transaction unlike in the case of using other international card schemes. This could potentially save the country a large amount of foreign exchange for domestic/local transactions from the use of debit/credit cards issued under other international card schemes.
Peoples' Bank has the country’s largest customer base of over 14.5 million customers and also the largest branch network of 743 physical contact points to serve them. The bank also provides its services 24 hours a day, 7 days a week, and 365 days a year via its fully digital Self-Banking Units amounting over 280 across the island. The bank also has played a pivotal role in taking digital banking benefits to the masses and thereby has positioned itself as the leading digital banking service provider in the country.
Chairman of People's Bank Sujeewa Rajapakse presented First People’s LankaPay debit card to the Chairman of the University Grants Commission of Sri Lanka Senior Professor Sampath Amaratunge at an event held at People’s Bank Head office in Colombo 02 recently.
Also present the location Chairman of LankaClear Dr. Kenneth De Zilwa, Acting Chief Executive Officer/ General Manager of People’s Bank Clive Fonseka, Director, Payments and Settlements Department of Central Bank of Sri Lanka Vasantha Alwis, GM/ CEO of LankaClear Channa De Silva, Consultant to JCB International (for Sri Lanka) Lakshman Liyanage, Deputy General Manager (Payment, Process Management & Quality Assurance) of People’s Bank Nilmini Premalal, Chief Information Officer Dhammika Dasa, Head of Marketing Nalaka Wijayawardana, Head of Cards Jayanath Dias, Chief Manager (Cards) Prasad Marasinghe and Manager Cards Business Chalani Senanayake.

Felicitation Ceremony for People’s Bank Staff Cooperative Society members’ Children

A felicitation ceremony organized by the People’s Bank Staff Cooperative Society members in recognition of academic excellence of their children was held at Sri Lanka Foundation auditorium in Colombo 7 recently.
This Scholarship Award Ceremony recognized 218 children who have performed exceptionally well at the 2019 and 2020 Year 5 Scholarship Examination, Ordinary level Examination and Advanced Level Examination.
The event was marked by a variety of entertainment items and the keynote address of the event was delivered by Regional Manager of People’s Bank (Colombo Outer Region) Buddika Ranathungage.
This occasion was graced by Chairman of People's Bank Sujeewa Rajapakse, Chief Executive Officer/ General Manager Ranjith Kodituwakku, Commissioner of Co-operative Development and Registrar of Co-operative Societies D. Keerthi Gamage, Deputy Commissioner (Co-operative Development) G.G. Dayasumana, Senior Deputy General Manager of People’s Bank (Payment, Digital, Process Management & Quality Assurance) K.B Rajapakse, Deputy General Manager (Enterprise Banking) Krishani Narangoda, Deputy General Manager (Risk Management) Roshini Wijerathne, Deputy General Manager (Banking Support Services) Nipunika Wijayarathne, Deputy General Manager (Human Resources) K.A Nihal, Additional Chief Law officer P.K Katulanda and executive management of the Bank, President of the Cooperative Society of People’s Bank J.D.J.P. Jayakody, Secretary of the Society N.A.A.D.R Nissanka, CEO/ GM of the cooperative Society Padma Mapalagama, Bank staff and the scholarship recipients.

People Bank Supports Colombo University Students’ Entrepreneurial Development

People’s Bank’s Enterprise Banking Department, which has launched multiple programs with the aim of supporting and development of small and medium enterprises, has initiated “People’s Spark”, a special entrepreneurship development program targeted at graduates. This program offers the opportunity for young graduates to start their own enterprises under guidance from People’s Bank. The bank also provides a special loan scheme and a feedback mechanism for these budding entrepreneurs.
People’s Bank aims to activate this program in association with the University system of the country to encourage graduates toward entrepreneurship.
As part of the initiative, a workshop was organised to study and discuss the practical issues and provide relevant advice on the business plans of the second-year students of the Department of Management and Organization Studies of the Colombo University’s Faculty of Management and Finance. Here the university students who had created business plans to present to investors, shared them with a panel of experts from the Enterprise Banking Department of People’s Bank, and received their advice.
Sujeewa Rajapakse, Chairman of People’s Bank participated in this event, taking time to share his personal entrepreneurial experiences with the university students.
The event was attended by Krishani Narangoda, Deputy General Manager - Enterprise Banking and Wickrama Narayana, Assistant General Manager - Small and Medium Enterprise of the People’s Bank and Prof. B. Nishantha, Prof. R. Senathiraja, and Dr. Tissa Ravindra Perera of Department of Management and Organization Studies of the Colombo University’s Faculty of Management and Finance.
The Enterprise Banking division of People’s Bank works towards entrepreneurial development and is committed to the business and financial development of micro, small and medium businesses as well as commercial and large-scale business.

People's Bank’s Batticaloa Branch moves to a new location

People's Bank Batticaloa Branch was ceremoniously declared opened by People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/ General Manager Ranjith Kodituwakku at its new location recently.
This branch was opened at No 88, Bar Road, Battocaloa with a range of value added banking facilities powered by state-of-the-art digital technology.
People’s Bank Deputy General Manager (Channel Management) Mahinda Premanath, Assistant General Manager (Channel Management) R. Ravikaran, Head of Marketing Nalaka Wijayawardna, Regional Manager E.P.A. Sisira Kumara, District Secretary K. Karunakaran, Divisional Secretary V. Vasuthevan, Batticaloa Municipal Council Mayor T. Saravanapavan, People’s Bank Asst. Regional Managers W. Muthugala, N. Arulchelvan and Batticaloa Branch Manager N. Thineshkumar, including Bank staff participated in the opening ceremony.
People’s Bank is the premier financial services provider in the country with an island wide network of 743 branches and service centers with over 14.5 million customers and Rs. 3 Trillion in assets.

People's Bank’s Trincomalee Town Branch moves to a new location

People's Bank Trincomalee Town Branch was ceremoniously declared opened by People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/ General Manager Ranjith Kodituwakku at its new location recently.
This branch was opened at No 295, Central Road, Trincomalee with a range of value added banking facilities powered by state-of-the-art digital technology.
People’s Bank Deputy General Manager (Channel Management) Mahinda Premanath, Assistant General Manager (Channel Management) R. Ravikaran, Head of Marketing Nalaka Wijayawardna, Trincomalee Regional Manager N. Sriskantha, Acting Assistant Regional Manager S.M. Moganathas and Trincomalee Town Branch Manager M.M.M. Niyas including Bank staff and customers participated in the opening ceremony.
People’s Bank is the premier financial services provider in the country with an island wide network of 743 branches and service centers with over 14.5 million customers and Rs. 3 Trillion in assets.

Chairman

Mr. Sujeewa Rajapakse

Mr. Sujeewa Rajapakse is a Managing Partner of BDO Partners which is the local representative of BDO - the fifth largest accounting network in the world. A Fellow of the Institute of Chartered Accountants of Sri Lanka (FCA) and a Fellow of Institute of Chartered Management Accountants of Sri Lanka (FCMA), Mr.Rajapakse holds a Master of Business Administration (MBA) from Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura. During his professional career that spanned nearly four decades, he held the honorary positions of President, Vice President and Council Member (elect) of the Institute of Chartered Accountants of Sri Lanka (ICASL), Former Chairman of Auditing Standards Committee of ICASL, President of Practicing Accountants Forum of Sri Lanka, Treasurer of Sri Lanka Cricket, Treasurer for Cricket World Cup 2011, Board Member and Technical Advisor to South Asian Federation of Accountants (SAFA), Technical Advisor to Confederation of Asia Pacific Accountants (CAPA) and Council Member of University of Sri Jayewardenepura. He has also served in the directorates of National Development Bank PLC, Softlogic Insurance PLC, Dipped products PLC, Heycarb PLC, Development Holdings (Pvt) Ltd, Lanka Holdings (Pvt) Ltd, NDB Capital Ltd – Bangladesh, The Finance Company PLC and Unidil Packaging.

People's Bank Vaasi Kotiyai rewards foreign remittance draw winners

31th March 2022, Colombo: People's Bank picked the third batch of winners of the People's Remittance ‘Vaasi Kotiyai, Ewannai Dinannai Draw 2022’ where the Daily and Weekly Winners for the first two weeks of March were selected. This event was held at the People's Bank, Overseas Customer Services premises at Colombo 10 recently. Accordingly, prizes of Rs. 10,000 each will be presented to 14 Daily Winners while the 2 Weekly Winners will be awarded 22- Karat gold sovereigns. People's Bank launched ‘People’s Remittance Vaasi kotiyayi’ Draw from 1st February 2022 to encourage and appreciate efforts Sri Lankan migrant workers who work tirelessly to strengthen the country's economy and build a better life for themselves and their families. Under this promotion, the Grand Draw winner who will be selected at the yearend will be presented with a Grand Prize of Rs.10 million. Additionally, Rs.1 Million Monthly winners will be selected every month, 22K gold sovereign weekly winners will be selected 48 times, while in 10,000 daily cash prize winners will be selected 334 times until 31st December 2022. All customers who remit foreign remittances to People’s Bank accounts, to other bank accounts through People’s Bank and remittances collected over the counter at People’s Bank branches including WU, Ria or similar channels during the period from 1st February to 31st December 2022 are eligible for the draw. Customers can also increase their chances of winning by remitting more money. Mr.Rohan Pathirage - Senior Deputy General Manager (Overseas Customer Services), Mr. Lionel Galagedara - Deputy General Manager (Recoveries), Mr. Azzam A Ahamat – Head of Finance, Ms.Aruni Liyanagunawardana – Assistant General Manager (OCS), Mr. Mohamed Ruwaiz - Chief Manager (Audit), Ms.Renuka Arunasalam - Chief Manager (Overseas Customer Services) and Ms.Thilini Perera - Senior Manager (OCS) Mr.Vipula Warnakula - Senior Manager (IT) participated in the event.

People's Bank International Trade Operations division receives ISO 9001:2015 recertification for operational excellence

Colombo, Sri Lanka - People's Bank is proud to announce that its Trade Services - International Banking Division has been awarded the SLS ISO 9001:2015 accreditation for the third time by the Sri Lanka Standards Institute (SLSI). This recognition highlights the bank's commitment to providing high-quality trade services and ensuring the security and efficiency of its import and export services for its customers.
The Trade Services Department of People's Bank offers a centralized processing mechanism for the country’s largest commercial banking network, with 743 branches and service centers. The bank is equipped with user-friendly systems that make transactions easy and accessible to over 14.5 million customers.
People's Bank's Trade Services - International Banking Division was initially accredited by SLSI in 2013 and was re-accredited in 2016 and 2018, after meeting the requirements of the SLS/ISO 9001:2008 and 9001:2015 standards. The division was audited once again by SLSI in 2022 and was declared qualified for recertification for the consecutive third time.
The Trade Services Division of People's Bank is dedicated to providing innovative and high-quality services to its customers. The bank strives to maintain its customer-centric approach and provide timely and responsive services through its competent and experienced staff. The bank also continuously invests in dynamic systems and technology to meet the rapidly changing requirements of its customers.
About People's Bank:
People's Bank is one of Sri Lanka's leading commercial banks, with a network of 743 branches and service centers. The bank offers a range of financial services to over 14.5 million customers, including trade services, personal and corporate banking.
In Picture: Official handing over of the recertification for the Quality Management System of ISO 9001:2015/SLS ISO 9001:2015 was recently held.
The certification was received by A.S.M.V Kumarasiri, Deputy General Manager (International Banking), Kamala Subasinghe, Chief Manager (Trade Services), Susantha Weerasinghe, Senior Manager (Trade Services) along with members of the ISO team from People’s Bank. Representing Sri Lanka Standard Institute were Dr Siddhika Senarathna, Director General, L.H. Karaliyadda, Senior Director and Smanthi Narangoda, Director of Systems Certification.

People’s Bank recognised by ‘The Next 100 Global Awards’ for Investment Banking

People’s Bank, Sri Lanka’s Premier Licensed Commercial Bank, was recognised as one of the ‘The Next 100 Global Companies’, by the Global Banking and Finance Review recently. This Award recognises institutions that have illustrated excellence in particular areas of expertise within the global financial community. The People’s Bank Investment Banking Unit was applauded for its ability to evolve and meet its customer's needs with a proper strategy that is progressive and innovative manner.
Speaking about their accomplishments Sujeewa Rajapakse, Chairman of People’s Bank, said, “I must commend my team for being included among ‘The Next 100 Global Companies’ for the second consecutive year. It’s our ability to evolve as a bank that has enabled us to be recognised by many leading global organisations. With our group synergies and the strength of the bank, People’s Bank Investment Banking Unit has created a name for itself in the capital market. We have been identified as one of the best and most innovative solution providers, within a relatively short period. It is our strategic focus on creating value for our customers that have allowed us to reach these goals.”
Clive Fonseka, Actg. Chief Executive Officer/General Manager of People’s Bank, added, “People’s Bank is known as the Pride of the nation because we pride us on understanding the changing preferences of our customers. In 2011 we set up People’s Bank Investment Banking Unit, to focus on the rapidly growing economy of the country and its capital markets (debt and equity). We are proud to have successfully completed 28 debenture issues since the inception in which we have managed to generate more than 165 billion rupees for the issuers. Our investment banking unit provides a wide range of services to our customers, including financing and advisory services, initial public offerings, debt structuring, fixed-income security trading, loan syndications, custodian, trustee services and securitization. We are very proud of the achievements made by the team at People’s Bank.”
‘The Next 100 Global Companies’ awards highlight some of the most exciting, innovative, and promising businesses from around the world. It has over the years evolved and grown to include the following areas of finance and banking; foreign exchange, banking, insurance, hedge funds, pension funds, compliance, corporate governance, wealth management, Islamic finance, exchange-traded funds, project finance, binary options, technology, CSR and other relative areas. A wide range of criteria is used by the awards to shortlist entries these include, but are not limited to: leadership and team experience, quality, and track record Industry footprint regional/global social contribution and economic impact, level of expertise growth rate / Start-up growth stage Industry awards and recognitions Technological advantages Customer response and engagement Disruptiveness of the solution in its respective markets Impact on their respective industry.
Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second-largest financial services provider with LKR 3.0 trillion in consolidated assets. At present, the Bank has 743 branches and service centers located islandwide and over 14.5 million customers. The Banker Magazine (UK), identified People’s Bank as among the Top 1000 Banks in the World in terms of Consolidated Tier I. It is also honoured with numerous awards and accolades both locally and internationally, including the International ARC Awards 2022 - Specialized A.R: Integrated AR & CSR: Non-Traditional Format.

People’s Bank joins hands with National Investment Industrial Bank of the Russian Federation to offer convenient remittances to Sri Lanka

People’s Bank recently entered into an agreement with the National Investment Industrial Bank in Russia to facilitate anovel remittance mechanism that enables efficient and convenient fund transfers from Russia to accounts in Sri Lanka.
According to this arrangement, beneficiaries in Sri Lanka, especiallyservice providers, exporters etc. will be able to receive fundsquickly and cost effectively. Most importantly, Russian tourists will be able to remit funds to an account at People’s Bank in Sri Lanka prior to their visits, through the National Investment Industrial Bank in Russia without involvementof anintermediary bank. Upon arrival in Sri Lanka, tourists will be issued Debit Cards which can be used to make payments seamlesslyfrom the remitted funds.
Sujeewa Rajapakse, Chairman of People’s Bank, speaking about the partnership said, “We are happy that People’s Bank could establish this arrangement with NIIB in collaboration with the Embassy of Sri Lanka in Russian Federation. The introduction of this payment platform will be highly beneficial to Russian tourists visiting Sri Lanka to make hassle free payments during their tour. Our own network of 818 ATMs, 315 CDMs and 743 branches will allow them easy access across the island. We are delighted to enable this novel service which will also contribute towards growth of local tourism related businesses”
Ranjith Kodituwakku, Chief Executive Officer/General Manager of People’s Bank, added, “People’s Bank will be able to offer this facility atsignificantly reduced banking charges for both tourists or any other party that wantto remit funds to Sri Lanka. A mainobjective of this collaboration is to increase inflow of valuable foreign exchange to Sri Lanka through a proper financial channel. This initiative will contribute towards enhancing the foreign exchange position of the country while boosting the attractiveness of Sri Lanka as one of the best and rapidlyemerging tourism destinations for Russian tourists. At People’s Bank, we are always looking for ways to empower our customers by providing seamless services and value additions.”
Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second-largest financial services provider with over LKR 3.0 trillion in assets. At present, the Bank has 742 branches and Service Centres located island wide and over 14.5 million customers. The Banker Magazine (UK), identified People’s Bank as among the Top 1000 Banks in the World.

People's Remittance Vaasi Kotiyai’ Remittance Draw of People’s Bank selects September and October Millionaires

The Eighth and Ninth millionaires of the People’s Remittance Vaasi Kotiyai, Ewannai Dinannai’ Draw were selected for the months of September and October along with daily and weekly winners for the period of 20th September to 7th November 2022. This event was held at the People's Bank, Overseas Customer Services premises at Colombo 10 recently.
People's Bank launched "People’s Remittance Vaasi kotiyayi" Draw from 1st February 2022 to encourage Sri Lankan migrant workers who work tirelessly to strengthen the country’s economy. Under this promotion the Grand Draw winner who will be selected at the year end will be presented with a Grand Prize of Rs.10 million. Additionally, a Rs.1 Million winner is selected every month, while 22K gold sovereigns are offered to 48 weekly winners. In addition, Rs10,000 cash prizes are offered to 334 daily winners until 31st December 2022.
All inward worker remittances sent through People’s Bank to any bank account are eligible for the draw. Further, the remittances collected over the counter at People’s Bank branches including remittances sent via WU, Ria or similar channels during the period from 1st February to 31st December 2022 are also eligible for the draw. Customers can increase their chances of winning by remitting more money.
Rohan Pathirage - Senior Deputy General Manager (TB & OCS) of People’s Bank, Rohini Madurawala - Assistant General Manager (Channel Management), Samanthi Senanayake - Assistant General Manager (Compliance), Aruni Liyanagunawardana – Assistant General Manager (OCS), Nalaka Wijayawardena - Head of Marketing, Mohamed Ruwaiz - Chief Manager (Audit), Thilini Perera - Senior Manager (OCS), Vipula Warnakula - Senior Manager (IT) People’s Bank and D.M.U.K. Ekanayake – Senior Tax Officer, Department of Revenue (Western Province) participated in the event.

People’s Bank Triumphant at ‘SLIM - Battle of Brain Champs’ – Marketers Quiz -2022

The People’s Bank team was crowned champions at the recently concluded ‘SLIM - Battle of Brain Champs’ – Marketers Quiz held at Marino Beach Hotel in Colombo. SLIM hosts this mind sporting event to test the knowledge of participants in the areas of marketing, strategy, branding, and general knowledge.
The Battle of Brain Champs featured five rounds, where each team was given ten intriguing questions covering varying areas including marketing essentials and concepts, consumer behaviour, brand fundamentals, international marketing, economics, business highlights and strategic thoughts. At the end of five rounds the People’s Bank Team reigned supreme where Quiz Teams from Ansell Lanka and Dialog Axiata were placed runner up and second runner up respectively.
The winning team from People’s Bank was represented by Pulasthi Gunasekara –Team Leader (Manager-Risk Management & Credit Control Department), Malaka Sanjeewa Wasala (Manager-Project Financing & Rehabilitation), Pasan Gunarathne (Manager – Treasury Back office), Chalani Senanayake (Manager- Card Business), and Amanda Pakianathan (Deputy Manager-Corporate Banking-1).

People’s Bank continues to demonstrate its resilience despite extraordinarily limiting circumstances

People’s Bank today announced the results for its year ended December 31, 2022 with total consolidated gross revenues, total operating income, and pre-tax profit amounting to LKR 391.2 billion, LKR 130.0 billion, and LKR 26.7 billion, respectively (2021: LKR 236.8 billion, LKR 110.7 billion and LKR 37.2 billion).
Primarily reflecting an extraordinarily high interest rate environment that prevailed - consolidated interest income rose by 58.0% during the year under review to reach LKR 351.4 billion whilst interest expenses soared by 107.5% to LKR 260.4 billion, reflecting the faster pace repricing of term deposits relative to loans. As typically seen throughout the industry, most term deposits at People’s Bank are with maturities of 12 months or less. In addition, in view of preserving and protecting its most vulnerable customer segments - the Bank and Group shouldered much of the interest cost increases - either by delaying or deferring any re-pricing of their loans. These collectively saw Consolidated Net Interest Margins slip by 6.0% to LKR 91.0 billion (2021: LKR 96.9 billion).
The Group’s non-funded income accounted for 30.0% of its total operating income during 2022 (2021: 12.5%) aided by an 81.1% increase in consolidated net fees and the extraordinary impact arising from the rupee devaluation. Excluding any one-off increases in fees on a Bank standalone basis, growth was still strong at 26.1% ultimately showcasing the Bank’s ongoing effort to consistently and very systematically improve its non-funded income sources year-on-year, more so in a highly volatile interest rate environment.
Reflecting high inflationary pressures during the year under review which peaked at close to 70.0%, total consolidated operating expenses rose by a measured 16.8% to LKR 59.0 billion (2021: LKR 50.5 billion); reflecting prudent cost control and efficiency improvements as exercised at every instance so reasonably possible. This compares well with most peers. As a result, the Bank and Group were able to successfully maintain its cost-to-income ratios at close to 2021 levels despite many limiting circumstances.
Relating to customer delinquencies and credit costs, the Bank assessed all its customers’ stress levels, including more importantly its larger key segments, and staged them on a preemptive and prudent basis. To its benefit, the Bank’s exposure to foreign currency investments subject to external debt restructuring was amongst the lowest with an aggregate amortized cost of only US$ 51.4 million at December 31, 2022.
Total consolidated customers deposits grew by 13.0% to reach LKR 2,450.1 billion whilst consolidated net loans contracted by 3.8% to LKR 1,915.8 billion reflecting the Bank’s and Group’s diligent approach to credit growth more so in a contracting macro-economic context, amongst other factors. Total consolidated assets crossed LKR 3.0 trillion to reach LKR 3,133.1 billion expanding by 10.6% from the end 2021.
The Bank’s Tier I and Total Capital Adequacy Ratios were 11.9% and 16.3%, respectively (end 2021: 12.6% and 17.8%) whilst, on a consolidated basis, it was 13.3% and 17.2%, respectively (end 2021: 13.4% and 17.9%). The Bank’s sound solvency levels reflected its efforts to augment its regulatory capital since the rollout of Basel III on July 1, 2017 with efforts to further bolster from current levels slated in the shorter term. In addition, the Bank met all key regulatory measures at December 31, 2022 without any exception or relief.
Commenting on the results, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “From a macro-economic perspective, 2022 was the culmination of economic stresses and stress events over the last several years. It was a year that saw the country’s external reserve position falling to a level previously unseen, the rupee devalue by close to 80.0%, inflation soar to nearly 70.0%, policy rates increase in a manner unprecedented in view of curbing inflationary pressures and, all in all, resulting in the country’s credit rating fall to a historic low and the economy contract by close to 11.0% which is deepest seen since independence. 2022 was therefore not a year where the top-line or bottom line was the prime focus but safeguarding customer interests in their absolute time of need, strengthening liquidity and the overall risk management and the governance framework of the Institution for its long-term sustainability was and where improving efficiency and productivity at every instance possible was at the core of all conversations and decisions. All these considered, including the added burden shouldered as a responsible State Institution - we are pleased with our 2022 results both on a quantitative and, more importantly, a qualitative front. Looking forward - and as demonstrated over the last three years - we remain committed to being at the forefront of serving the country at every instance possible and meeting every reasonable expectation of all our stakeholders whilst taking requisite steps to strengthen every aspect of the Bank’s overall operations.
I take the opportunity to thank my fellow Board Members for their guidance and wise counsel, the retired and incumbent Chief Executive Officer/ General Manager and the entire Management Team for their leadership and the staff at all levels for their tireless efforts. Importantly, a big thank you to our valued customers for their continued trust and confidence in the Institution”
Acting Chief Executive Officer/ General Manager of People’s Bank, Mr. Clive Fonseka, stated that: “Like any Institution deep rooted in the country’s economic well-being, in line with the country’s fortunes, 2022 was also a year of lows for the Institution. However, what defines us is our ability to immediately impose stop gaps and emerge stronger by systematically resolving such limiting circumstances. Looking at 2022 - our success remains in our contribution to the country in its time of absolute need, the interest loss and cost absorbed for the long-term well-being of our most vulnerable customers, and our ability to strengthen the various aspects of the Bank’s business in these trying times. Our way forward is clear. Looking ahead, we will endeavor to further strengthen our foreign currency operations including developing our 900 plus global counterparty relationships, further strengthening our deposit franchise be local currency and foreign currency, exercising extra-vigilance in credit expansion with a focus on creating greater diversity in our exposures and, equally important in these times, ensure close monitoring of over-dues and continue to drive cost and efficiency improvements at every instance so possible including by way of further technology adoption. We look forward!”
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking footprint composed of 745 branches and service centers. With a history spanning over 61 years, the Bank benefits from a staff strength of over 7,300 who tirelessly and diligently serve over 14.7 million customers and over 19.0 million account relationships, which is by far the largest for any financial services provider in the country.

People's Bank’s 2021 Annual Report recognized at International SAFA Awards. Only Public Sector Bank from Sri Lanka to be podiumed

People’s Bank today announced that its 2021 Annual Report garnered yet another honour at the recently concluded South Asian Federation of Accountants (‘SAFA”) Annual Report Awards 2022, receiving Joint Bronze in the Public Sector Bank category. The Awards are conferred based on the criteria of improvement in transparency, accountability & governance and are selected from entries received from 8 countries in the South Asian region including India, Pakistan and Bangladesh. Most notably at this year’s awards, People’s Bank was the only Public Sector Bank from Sri Lanka to be placed amongst the top three in the said category.
Commenting on the most recent Award, People’s Bank’s Chairman Mr. Sujeewa Rajapakse stated: “We are delighted to be the only Public Sector Bank from Sri Lanka to be podiumed at this year’s awards. This attests to our commitment to excellence in integrated reporting. SAFA’s Annual Report Award competition needs no introduction - it is one which draws entries from the best in class throughout the entire South Asian region and whose judging panel consists of some of the finest minds in the space of integrated reporting across transparency, accountability and governance aspects and issues.”
Commenting on the accolade, the Bank’s Chief Executive Officer/ General Manager Mr. Ranjith Kodituwakku stated: “In a time of unprecedented challenge, clear and concise communication with all stakeholders is even more crucial, with the annual report being the single most important tool to do so. People’s Bank, as a leading bank in Sri Lanka, is changing the way we communicate with our stakeholders and, over the last several years, we have been very successful in producing award- winning annual reports. We are indeed very proud of this!”
Commenting on the most recent recognition, People’s Bank’s Head of Finance Mr. Azzam A. Ahamat stated: “The award is self-attesting to our standing from an integrated reporting standpoint not only locally but also regionally. For our 2021 Annual Report, this is just another in a series of recent wins both locally and internationally. We thank all our stakeholders both internal and external. Not complacent with any of our successes, we look forward to reasonably setting further benchmarks in the space of integrated reporting”
People’s Bank’s Annual Report 2021 was its seventh Integrated Annual Report and was designed under the theme "Multi-Faceted Brilliance". The Report provides insight into the Bank’s continuing efforts to support the country and economy during a period of unprecedented distress whilst safeguarding the interest of its stakeholders. In preparing its Reports, the Bank draws on concepts, principles, and guidance from The International Integrated Reporting Council (IIRC) Framework, Consolidated Set of Global Reporting Initiatives and Guidelines, The Institute of Chartered Accountants of Sri Lanka, The Central Bank of Sri Lanka (CBSL) and The United Nations Sustainable Development Goals (SDGs)”

People’s Bank Celebrates International Women's Day

People’s Bank celebrated International Women's Day and the 30th anniversary of the Vanitha Vasana account at a special event graced by People’s Bank Chairman Sujeewa Rajapakse and Acting Chief Executive Officer / General Manager Clive Fonseka, at the People’s Bank Headquarters Branch on the 8th of March, 2023.
T M J Y P Fernando, Senior Deputy Governor of the Central Bank of Sri Lanka was the Guest of Honour at the event, with Shyamalie Wijegunawardena, Co-Founder- Spring & Summer, Manel Rajkumar, Chairperson - Araliya and D&R Exports, and many other distinguished women entrepreneurs, professionals and customers attending the occasion.
The event saw the launch of ‘Vanitha Vasana High Interest’ savings accounts and handing over of ‘Vanitha Vasana Money Planner’ investment schemes, to select customers.
Further, a special panel discussion was held to share the inspiring stories of female entrepreneurs who are engaged in bringing foreign currency to the country via development of exports.
Also, an exhibition of products by women entrepreneurs was showcased at the event.
Rohan Pathirage, Senior Deputy General Manager –Overseas Customer Services, Renuka Jayasinghe – Deputy General Manager (Retail Banking) and other members of the Corporate and Executive Management teams of People’s Bank participated at the event along with bank staff. Similar celebrations of International Women’s Day took place at People’s Bank branches around the island.

People's Bank and CA Sri Lanka join hands to launch a Mentoring Program for SME Exporters

People's Bank has partnered with the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) to provide a timely boost for Small and Medium-sized Enterprise (SME) customers of the bank through a mentoring programme.
The inauguration ceremony of this program was held recently at the People’s Bank Staff Training College. The occasion was graced by the presence of People’s Bank Chairman Sujeewa Rajapakse, CA Sri Lanka immediate Past President Manil Jayasinghe, CA Sri Lanka SME task Force Chairman Lakshman Abeysekara , CA Sri Lanka Council Member Saman Sri Lal, CA Sri Lanka SME Task Force Executive Committee Member Harsha Gunasena, Women’s Chamber of Industry & Commerce Sri Lanka President/ CA Sri Lanka Council Member Anoji De Silva, The National Chamber of Commerce Sri Lanka President Nandika Buddhipala, CA Sri Lanka Asia Pacific Institute of Money and Entrepreneurship Chaaminda Kumarasiri, People’s Bank DGM (Enterprise Banking) Krishani Narangoda, AGM (SME) Wickrama Narayana, AGM (Off Shore Unit & Corporate Banking-1) D.M.D. Dasanayake, AGM (Commercial Credit) P.M Ariyawanse, AGM (Commercial Banking) Thushari Hewawasam, AGM (Corporate Banking (Relationship II) Nalin Perera, Regional Manager (Colombo North) S.L.M.A.S Samarathunga and Senior Manager (Project Finance and Rehabilitation) Chamari Perera.
The SME Task Force of CA Sri Lanka invited People’s Bank to join hands to promote SMEs in Sri Lanka through a mentoring programme for selected customers of the bank. Through this partnership CA Sri Lanka aims to help People’s Bank customers on a one-to-one basis by appointing Mentors on financial and other business related issues free-of-charge for a maximum period of one year. Accordingly, People’s Bank has selected export or ICT customers from its large base of SME customers spread across the country.
CA Sri Lanka has appointed Mentors for each customer and the People’s Bank Mentor coordinates with the customers (Mentees) and with CA Sri Lanka Mentors. The program commences after signing a formal tripartite MOU between CA Sri Lanka, the respective Mentee and CA Sri Lanka Mentor. Initially, the Mentees will be provided consultation virtually and subsequently they will be visited twice a month by CA Sri Lanka Mentors for closer cooperation and monitoring. The Bank’s Mentors are responsible for directing and guiding the respective Mentees continuously so that they are able to obtain the maximum benefit from the mentoring programme during the one year period. The Mentees will be provided relevant information in the form of reading material and booklets in Sinhala and English by CA Sri Lanka, which provides knowledge on financial and other areas of their business operations.
During the Mentoring Programme the Mentees as well as their company accountants will be provided consultations. CA Sri Lanka Mentors are supervised and evaluated by CA Sri Lanka continuously in order to ensure that the partnership benefits the Mentees and the required goals are achieved. If a Mentee requires the service from the CA Sri Lanka Mentor beyond the initial one year period, it can be continued based on a new agreement which will be made on new terms and conditions.
CA Sri Lanka is the National Professional Accountancy Organisation and known as the preferred destination for accountancy education in the country with 7,000 Associate and Fellow Members based both locally and globally. The portfolio of CA Sri Lanka members comprise of top management individuals who serve in leading corporate in Sri Lanka and abroad. The institute also has over 30,000 Student Members who are aspiring Professional Accountants.

People's Bank Rewards March Millionaire of “Vaasi Kotiyai” Remittance bonanza in Saudi Arabia

People's Bank's ‘People's Remittance Vaasi Kotiyai, Bonanza’ selected its second millionaire winner recently. W.A.I Sameera Gerard Perera, was picked as the March Winner and received his Rs.1 million prize from Sri Lanka’s Ambassador to Saudi Arabia - P.M Amza in Riyadh, Saudi Arabia recently.
People's Bank launched "People’s Remittance Vaasi Kotiyai" Draw from 1st February 2022 to encourage and appreciate Sri Lankan migrant workers who work tirelessly to strengthen the country's economy and build a better life for themselves and their families. Under this promotion, the Grand Draw winner who will be selected at the yearend will be presented with a Grand Prize of Rs.10 million. Additionally, Rs.1 Million Monthly winners will be selected every month, 22K gold sovereign weekly winners will be selected 48 times, while 10,000 daily cash prize winners will be selected 334 times until 31st December 2022.
All customers who remit foreign remittances to People’s Bank accounts, to other bank accounts through People’s Bank and remittances collected over the counter at People’s Bank branches including remittances sent via WU, Ria or similar channels during the period from 1st February to 31st December 2022 are eligible for the draw. Customers can also increase their chances of winning by remitting more money to their loved ones through People’s Bank. .

People's Bank Rewards March Millionaire of “Vaasi Kotiyai” Remittance bonanza in Saudi Arabia

People's Bank's ‘People's Remittance Vaasi Kotiyai, Bonanza’ selected its second millionaire winner recently. W.A.I Sameera Gerard Perera, was picked as the March Winner and received his Rs.1 million prize from Sri Lanka’s Ambassador to Saudi Arabia - P.M Amza in Riyadh, Saudi Arabia recently.
People's Bank launched "People’s Remittance Vaasi Kotiyai" Draw from 1st February 2022 to encourage and appreciate Sri Lankan migrant workers who work tirelessly to strengthen the country's economy and build a better life for themselves and their families. Under this promotion, the Grand Draw winner who will be selected at the yearend will be presented with a Grand Prize of Rs.10 million. Additionally, Rs.1 Million Monthly winners will be selected every month, 22K gold sovereign weekly winners will be selected 48 times, while 10,000 daily cash prize winners will be selected 334 times until 31st December 2022.
All customers who remit foreign remittances to People’s Bank accounts, to other bank accounts through People’s Bank and remittances collected over the counter at People’s Bank branches including remittances sent via WU, Ria or similar channels during the period from 1st February to 31st December 2022 are eligible for the draw. Customers can also increase their chances of winning by remitting more money to their loved ones through People’s Bank. .

People's Bank yet again ranked amongst the prestigious World’s Top 1000 Banks

People’s Bank, Sri Lanka’s leading Commercial Bank, was recently ranked once again amongst the World’s Top 1000 Banks by the prestigious Banker Magazine UK. The ranking cements People’s Bank’s position as one of the leading Banks on the planet. Founded in 1926 and read in over 180 countries, the Banker Magazine is a publication owned by the Financial Times in London. Its Top 1000 ranking is primarily based on Consolidated Tier I
Expressing his views on the ranking, People’s Bank’s Chairman Mr. Sujeewa Rajapakse stated that, “These are extraordinary times facing the country with headwinds many fronts including the knock on effects following two years of the COVID-19 pandemic. Amidst such a challenging environment, People’s Bank being recognized amongst the World’s Top 1000 Banks yet again is an extraordinary feat. It underscores its consistent and robust delivery even amidst adversity and attests to its standing not only locally but also globally. Looking ahead, despite the many challenges, People’s Bank remains focused on taking every reasonable measure necessary to support the Government in their efforts and to help the country’s internal eco system move forward”
Commenting on the ranking, People’s Bank’s Chief Executive Officer/General Manager Mr. Ranjith Kodituwakku stated that: “The challenges facing Sri Lanka and the Banking system are clearly unlike any seen before. That said, against such a backdrop, to be ranked once again amongst the World’s Top 1000 is testimony to People’s Bank’s inherent strength and its resilience even amidst out of the ordinary circumstances. Looking ahead, we have allocated greater resources to support Small and Medium Scale Enterprises and certain other economy critical market segments. On an operational front, we continue to invest in technology in all our core areas of our business and remain committed to continuously strengthening every aspect of the Bank’s platform”
The Banker Magazine’s World’s Top 1000 Banks are compiled annually from a database of over 5,000 of the world’s biggest banks and the ranking is considered to be one of the most comprehensive guides to identify the strongest banks in the world. The magazine analyses results by region, country and benchmark bank-to-bank while also using its best-performing bank methodology to help readers identify the banks’ strengths and weaknesses compared to its peers.
People’s Bank currently has close to LKR 3.0 trillion in total assets, LKR 2.3 trillion in total deposits and LKR 1.8 trillion in customer advances.
At March 31, 2022, the Bank’s Tier I and Total Capital Adequacy Ratio were, respectively, 11.04% and 15.72% which was the highest amongst peers(end 2021: 12.6% and 17.83%).
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking footprint composed of 743 branches and service centers. With a history spanning 61 years, the Bank benefits from a staff strength of close to 8,000 who tirelessly and diligently serve more than 14.5 million customers and close to 19.0 million account relationships, which is by far the largest for any financial services provider in the country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA-(lka/Rating Watch Negative)”; by Fitch Ratings Lanka Ltd.

People’s Bank offers main sponsorship for Kandy Esela Perahera

People’s Bank has yet again come forward as the main sponsor for the historical Kandy Esala Perahera.
The sponsorship cheque of the People’s bank was handed over to Pradeep Nilanga Dela, Diyawadane Nilame of Sri Dalada Maligawa by D.M. Kapila Dissnayaka - Kandy Regional Manager of People’s Bank. Kandy Branch Senior Manager Janaka Jayasinghe and Business Promotion Officer Thusitha Wathulanda were present at the occasion.
Pradeep Nilanga Dela, Diyawadane Nilame of Sri Dalada Maligawa expressed his appreciation to People’s Bank for offering this sponsorship towards the iconic cultural pageant culminating perennial customs and traditional dances.

People’s Bank refurbishes Kandy Regional Head Office

People's Bank Kandy Regional Head Office was refurbished and opened recently under the auspices of People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku.
Kandy Regional Head Office has been modernized with many facilities including a fully equipped spacious new auditorium and enhanced office space with addition of a newly constructed fifth floor.
To grace the occasion, People’s Bank Deputy General Manager (Channel Management) Mahinda Premanath, Kandy Regional Manager Kapila Dissanayake, Colombo Outer Regional Manager Buddhika Ranatungage, Assistant Regional Managers Tissa Tennakoon, Shameera Kumarapeli, Assistant Regional Manageresses Shanthi Sivanathavel, Anusha Alahakoon, Senior Manager (Technical Services) Gayan Dissanayake, Kandy Branch Senior Manager Janaka Jayasinghe, Branch Managers and Manageresses of the region including bank staff were in participation.

People's Bank’s Muthiyangana Branch moves to a new location

People's Bank Muthiyangana Branch was ceremoniously declared opened by People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku at its new location recently.
This branch was opened at the commercial and banking complex, Post Office Road in the Sacred Badulla Muthiyangana, with state-of-the-art digital technology, and featuring exclusive services. In addition, a Self-banking Unit also has been installed here.
Simultaneously, a YES Account Promotion Program was held with participation of The Voice Teens Sri Lanka Season 2 winner Praneersha Thiagaraja and one of the finalists Russel Themindage.
To grace the occasion, Deputy General Manager(Channel Management) Mahinda Premanath, Assistant General Manager (Channel Management) T.M.W. Chandrakumara, Badulla Regional Manager Nalin Poththawela, Badulla District Secretary Damayanthi Paranagama, Deputy Chief Secretary (Human Resources Training) of the Uva Provincial Council M. M. Nandasena, Deputy Chief Secretary (Finance) M. E. Sumithra Silva, Deputy Chief Secretary (Planning) Ananda Vijitha Kumara Mapa, Badulla Provincial Secretary Lalith Hemantha Dissanayake, Asst. Regional Managers of the People's Bank K. Chandrakumar and S.M.A.P.K. Samarakoon, Asst. Regional Manageress Manjula Perera, Muthiyangana Branch Manageress A.I. Sooriyapperuma, including Government officers, Bank staff and customers were in participation.

People's Bank’s Hyde Park Corner Branch moves to a new location

People's Bank Hyde Park Corner Branch was ceremoniously declared opened by People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku at its new location recently.
This branch was opened at No 33, Parkland Building, Park Street, Colombo 02, with state-of-the-art digital technology, and featuring exclusive services. In addition, a Self-banking Unit also has been installed here.
To grace the occasion, Colombo Municipal Council Commissioner Badrani Jayawardana, People’s Bank Senior Deputy General Manager (Payment, Digital, Process Management & Quality Assurance) K.B. Rajapakse, Deputy General Manager (Channel Management) Mahinda Premanath, Assistant General Manager (Channel Management) Rohini Madurawala, Assistant General Manager (Channel Management) T.M.W. Chandrakumara, Colombo South Regional Manager Madhawa Kanakka Hewage, Asst. Regional Managers K.A Udeni Dharmasiri, T. Suthagar, W.G.P Damayanthi, Hyde Park Corner Branch Manager Lalith Hirimuthugoda, including Bank staff, Army and Police officers and customers were in participation.
As 25th branch of the People's Bank, Park Street branch had been opened on 02.11.1962. After establishing at Hyde Park Corner in 2006, it was called as Hyde Park Corner branch. Completing 50 years this year, again the branch was relocated to a new premises at Park Street. This was the specialty.

People’s Bank resilient amidst challenging circumstances

People’s Bank today announced the results for its six months period ended June 30, 2022 with total operating income rising by 54.9% to reach LKR 69.3 billion, whilst total operating expenses grew by 3.7% to LKR 20.8 billion reflecting sound cost control and efficiency improvements despite mounting inflationary pressures. Impairment charges rose by 319.9% to LKR 32.8 billion reflecting macro-economic stresses including those relating to its key customer segments. Pre-tax profit amounted to LKR 11.6 billion; representing a decline of 12.5% over the same period 2021.
Net interest income, which accounted for close to 75.0% of the Bank’s top line, grew by 30.5% to reach LKR 51.7 billion reflecting both asset growth and net interest margin improvements. Fee based income grew by 160.9% to reach LKR 9.8 billion; reflecting the Bank’s ongoing efforts to also improve its other non funded sources of income. From a cost to income perspective, primarily reflecting top line growth and cost control, the Bank’s cost to income ratio was 35.9% during H1-22 as compared with 53.0% during the same period 2021. Profit after tax was LKR 8.3 billion, dipping by 21.3% over the same period 2021
Total deposits grew by 12.6% to reach LKR 2,332.8 billion whilst net loans amounted to LKR 1,812.2 billion; contracting by a marginal 1.3%. Reflecting elevated levels of risk across select key customer segments, the Bank’s stage 3 loans as a function of total gross loans increased to 10.4% from 4.0% at end 2021. Total assets reached LKR 3,007.3 billion growing by 13.6% from end 2021.
Tier I and Total Capital Adequacy on a Bank standalone basis was 10.4% and 15.0%, respectively (end 2021: 12.6% and 17.8%) whilst, on a consolidated basis, it was 11.6% and 15.6%, respectively (end 2021: 13.4% and 17.9%). This was without any reliefs or other exceptional considerations and compared well industry peers
Commenting on the results, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “Despite extraordinary challenges from a macro front, the Bank’s results provide some insight into its capacity to navigate through these circumstances. Needless to say, similar to most others in the industry, limited access to foreign currency is its key source of distress. As a responsible Domestically Systematically Important Bank with a broader national role - the Bank played a leading role post COVID 19 to support the Government and the country’s internal eco system function without any interruption by facilitating, amongst other, bulk of the country’s essential imports including petroleum products. To ease pressure from foreign currency front, several measures are currently being explored in coordination and support of its key stakeholders. We remain committed to supporting the country’s economic revival initiatives at every instance so possible”
The Chief Executive Officer/ General Manager of People’s Bank, Mr. Ranjith Kodituwakku, stated that: “With pressures mounting from an interest margin and credit cost perspective, we have used the opportunity to also strengthen our platform from a business, operational and risk management perspective. As a Bank with national interest at heart, we have allocated greater resources to support Small and Medium Scale Enterprises and certain other economy critical market segments. Conscious of the challenges ahead, we remain fully committed to serving our customers and preserving the interest of all our stakeholders”
People’s Bank being recognized amongst the World’s Top 1000 Banks yet again is an extraordinary achievement admits present challenging environment. It accentuates its consistent and robust delivery even amidst adversity and attests to its standing not only locally but also globally.
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking footprint composed of 743 branches and service centers. With a history spanning 61 years, the Bank benefits from a staff strength over 7,500 who tirelessly and diligently serve close to 14.5 million customers and over 19.0 million account relationships, which is by far the largest for any financial services provider in the country.
Looking ahead, despite the many tests, People’s Bank remains focused on taking every reasonable measure necessary to support the Government in their efforts and to help the country’s internal eco system move forward.

Electricity and water facilities provided to under resourced school through People's Bank 'Mahajana Mehewara'

People's Bank's 'Mahajana Mehewara' CSR drive commenced yet another project to provide electricity and water facilities to under resourced schools together with Manusath Derana on 10th of August.
Under this novel concept which combines sustainability with education, a 3kv solar power inverter system, a water motor and a water tank were provided to Galamuduna Junior School at Meemure in the education zone of Teldeniya in the Central Province.
This school which can be reached only via a 6 kilometre trek to the mountain top is to a great extent isolated from the outside world. Through this program, People's Bank expects the school facilities to be improved drastically in a sustainable manner without any cost to the school.

People's Bank opens a Service Center in Thihagoda

People's Bank recently opened its newest Service Center at Thihagoda. The Service Centre provides customers in the Thihagoda area with the latest digital banking services and an Automated Teller Machine (ATM) which enables cash withdrawals 24 hours a day, 7 days a week.
As a part of the opening day ceremony, loan facilities were granted for minor export crops, and gifts were offered to children who opened Sisu Udana and Isuru Udana accounts of the People's Bank.
Sujeewa Rajapakse – Chairman of People’s Bank, Ranjith Kodituwakku - Chief Executive Officer/ General Manager of People’s Bank, Mahinda Premanath - Deputy General Manager, Nalin Perera – Assistant General Manager (Corporate Banking (Relationship II), I.K. Indika - Matara Regional Manager, Thushari Nammuniarachchi - Assistant Regional Manager, Nishani Pathirana - Senior Manager (Regional Loans Unit), Nirmal Samarasinghe - Chairman of the Thihagoda Pradeshiya Sabha, T. Dahanayake - OIC of Thihagoda Police Station, R.M.R. Bandara – Principal of Thihagoda National School, R. Dayan Padma – Kamburupitiya Branch Manager and J.P.D Nadeesha – Thihagoda Service Center Manager participated in the event.

People's Bank celebrates its 61^st Anniversary

People’s Bank, a pioneer in the Sri Lankan Banking and Financial Services sector, celebrates its 61st anniversary on 01st July.
Instrumental in introducing the concept of banking to the general public in Sri Lanka, People’s Bank has continued with that responsibility further by providing digital banking services even to the most rural areas in the country, thereby enabling the entire nation to enjoy the benefits of cutting edge technology. Furthermore the Bank has played a pivotal role in driving the national socio-economic development since inception, thus earning the reputation as the pride of the nation.
People's Bank was established under Act No. 29 of 1961 with the aim of uplifting the co-operative business and rural banking systems. This Act was submitted to Parliament by then Minister of Trade, Food, Co-operatives and Shipping,T. B. Ilangaratne, under the leadership of then Prime Minister Sirimavo Bandaranaike. Vincent Subasinghe who was a pioneer in providing banking services to the co-operative sector was the first Chairman of People's Bank.
In an era when banking services were limited to English speaking upper echelons of the society, it was the People's Bank that changed that phenomenon by commencing to conduct its operations in Sinhala and Tamil.
Right from the inception, the bank started working towards its mission to serve the masses. Accordingly, People’s Bank has introduced many firsts to the country such as agriculture loans, Pawning, SME loans, Women’s Savings Accounts and Children’s Savings Accounts to name few. Most of these product concepts were so widely embraced by the society that almost all the local commercial banks are now offering them under various brand names.
Currently, People's Bank is one of Sri Lanka’s largest financial institutions, boasting over Rs. 3 trillion in assets. Its network of 743 branches/service centers is the country’s largest. The bank also possesses a network of over 268 Self Banking Units operating 24/7 all 365 days of the year. This enormous network operating with over 8000 staff members, has enabled the people to get their banking done safely, securely and with ease of accessibility.
While the bank initially focused on rural sectors and cooperative movements, since then People’s Bank has evolved to cater to a wide range of customer segments including Retail, High Net Worth, Micro & SME and Corporate.
As a responsible state bank, People's Bank has not only provided financial services to its customers but has also made significant contributions to the socio-economic progress of the country. During the past 61 years the bank has provided financial assistance in the areas of exports, education, health, expressways, roads, tourism and infrastructure. In addition, People's Bank works successfully with over 900 banks worldwide to facilitate import and export trades by issuing Letters of Credit to private and State-owned enterprises. This function is invaluable to sustain normal lives of general public as it enables importation of essential items such as fuel, medicine, food and gas.
Adapting to the modern world, the People’s Bank launched a digital banking project in 2015, to ensure that their customers could transact easily, safely and efficiently. People's Bank was the first bank in the island that took steps to undertake a comprehensive digital transformation project covering major part of its operations. As a result, People's Bank now provides a world class digital banking experience to all its customers.
For example, People’s Bank has enabled customers to open an account paperless in as short a time as 10 minutes and obtain a personal loan within 24 hours. As another key component of the digitalization journey, People's Bank introduced People's Wave mobile banking app for customers to transact any time of the day using their smartphone without having to go to a bank branch and this has become the most downloaded app in Sri Lanka. In addition, a mobile app was specially introduced to institutional customers called People's Wyn. Online banking facilities targeting both retail and corporate customers were introduced in 2018.
Furthermore, People's Bank has introduced the People's Pay mobile app to support and promote digital payments within the nation.
The excellence of People's Bank has consistently earned recognition both locally and internationally. SLIM Nielsen People's Awards, National Business Excellence Awards and LankaPay Technnovation Awards are but some of the local accolades received by the bank. Internationally, People's Bank has been the recipient of awards such as Asian Banker Excellence in Retail Financial Services Award, Asia Money Best Bank Awards, SAFA Awards, The Asian Digital Finance Forum and Awards.
Additionally, The Banker Magazine named People’s Bank as one of the Top 1000 Banks in 2018, 2019, 2020 and 2021. Multiple business magazines such as World Finance, International Business Magazine, Global Business Review Magazine, Global Banking and Financial Review Magazine of UK also have awarded the bank on several occasions.
ICCSL, CIMA, and Daily FT newspaper included People's Bank as one of the 10 best institutions in 2018, 2019,2020 and 2021 consecutively. People's Bank is also the only State bank which was awarded the ISO/IEC 27001- 2013.

People's Bank partners with Central Cultural Fund to offer an e-Ticketing Solution

People's Bank recently entered into a partnership with the Central Cultural Fund (CCF), which falls under the Ministry of Buddhasasana, Religious and Cultural Affairs, to provide an e-Ticketing Solution to be deployed at major tourist attractions in Sri Lanka.
A Memorandum of Understanding (MOU) for the partnership was inked and exchanged between the two institutions in the presence of People’s Bank Chairman Sujeewa Rajapakse and Minister of Buddhasasana, Religious and Cultural Affairs Hon. Vidura Wickramanayaka at an event held at People’s Bank Head Office, Colombo 02 on 16th September 2022.
Somarathne Vidanapathirana – Secretary of Ministry of Buddhasasana, Religious and Cultural Affairs, Prof. Anura Manathunga – Director General of Archeology, Prof. Gamini Ranasinghe - Director General of the Central Cultural Fund and the other officials of CCF with the Board of Directors of People’s bank and K.B. Rajapakse - Acting CEO/GM of People’s Bank with the other corporate management members of People’s Bank were also present at the occasion.
The state-of-the-art solution will be designed, developed, hosted, and maintained by People’s Bank in response to a request made by the CCF. The new system will not only streamline the entire process but also will enable tourists to see the heritage sites virtually prior to visiting Sri Lanka. While providing the CCF with the opportunity to generate much-needed foreign currency and simplify internal processes, the solution also underscores the People’s Bank’s standing as the leader in digitalization in Sri Lanka’s banking industry.
The multi-lingual web-based solution will provide a Web app for purchasing tickets and Mobile apps for CCF for ticket verification. With the Internet Payment Gateway and Payment Solution integrated into the system, a variety of payment methods can be used for the payments. The solution will include the Ticket Servicing Module for the Admin and a Tour Agent Portal for authorized users. The Web App will also provide a virtual tour of the heritage sites using Augmented Reality (AR) and a marketplace for purchasing souvenirs and publications online.
Central Cultural Fund is the principal heritage management institution in Sri Lanka where they mainly generate income through ticket sales to tourists who visit the many sites under the CCF including Sigiriya, Polonnaruwa, Anuradhapura and many others. For example, Sigiriya alone is visited by 2,000 to 3,000 tourists daily. CCF expects to further increase the tourist visits to these sites by offering them greater convenience and an enhanced experience, thus generating much needed foreign currency for the country.
People’s Bank, known as the Pride of the Nation, is the country’s premiere licensed commercial bank with Sri Lanka’s largest banking footprint comprising of 743 branches and service centers island wide. With a history spanning 61 years, the Bank serves more than 14 million customers maintaining 19 million account relationships which is by far the largest customer base for any financial services provider in the country.

People’s Bank commemorates 61^st Anniversary by Donating Essential Medical Supplies to Castle Street Hospital for Women

People’s Bank, under the umbrella of its CSR program ‘Mahajana Mehewara’, recently donated essential medical supplies worth over Five Million Rupees to the Castle Street Hospital for Women in Borella to coincide with the 61st Anniversary of People’s Bank.
This event was held with the participation of Mr. Ranjith Kodituwakku – Chief Executive Officer/ General Manager of People’s Bank, Pradeep Wijesinghe – Director of Castle Street Hospital for Women, Dedunu Dias – Deputy Director of Castle Street Hospital, K.B. Rajapakse - People’s Bank Senior Deputy General Manager (Payment, Digital, Process Management & Quality Assurance), Rohan Pathirage - Senior Deputy General Manager (TB & OCS), Renuka Jayasinghe - Deputy General Manager (Personal Banking), Mahinda Premanath - Deputy General Manager (Channel Management), Nalaka Wijayawardena - Head of Marketing, S.M.T.A.R. Bandara – Administrative Officer of Castle Street Hospital for Women, P.A.S Chulangani, M.A.C. Wijesinghe – Nursing officers in Special Grade, Deepa Wewella, Kumari Hikgoda – Pharmacists.
Initiated with the intention of giving back to the community and uplifting the living standards of society at large, People’s Bank has launched a multitude of corporate social responsibility initiatives over the span of its 61 years history. The impetus for donating these essential items to the Castle Street Women’s Hospital was triggered by current challening situation in the country. However, this is not the first time the bank has reached out to help the medical services as People’s Bank donated mobile Portable Ultrasound Scanners valued at over Twenty Million Rupees to National Hospitals in Colombo and Kandy as well as Jaffna Teaching Hospital last year to assist in the treatment of COVID patients in commemoration of its 60th anniversary.
In addition to the above, People’s Bank and the Peoples Bank Group have been instrumental in donating high value PCR testing units to the health sector in Sri Lanka. The bank also played a pivotal role in facilitating importation of COVID 19 vaccinations to Sri Lanka. As a responsible public bank with an asset value of over three trillion rupees, People's Bank does not stop at providing banking and financial facilities to its customers and will continue to contribute to the community I multiple CSR programs.

People’s Bank resilient amidst extra-ordinary distress

People’s Bank today announced the results for the quarter ended March 31, 2022 with consolidated total operating income growing by 51.9% to reach LKR 42.6 billion, whilst total operating expenses increased by only 0.3% to LKR 13.1 billion despite inflationary pressures; reflecting sound cost control and efficiency improvements being undertaken on an ongoing basis. Consolidated pre-tax profit amounted to LKR 11.0 billion; representing a growth of 9.8% over the same period of 2021.
Net interest income, which accounted for 71.4% of the Group’s total operating income during Q1-22, grew by 29.2% to reach LKR 30.4 billion reflecting both asset growth and net interest margin improvements to 4.1% from 3.6% in Q1-21. Excluding the LKR 3.4 billion in foreign exchange net gains recognized during the period as a result of the rupee devaluation, non-interest-based income accounted for over 20.0% of total consolidated operating income during Q1-22 as compared with 13.0% in Q1-21; reflecting efforts to also improve other sources of income. From a cost to income perspective, primarily reflecting top line growth and cost control, the Group’s cost to income ratio was 38.2% during Q1-22 as compared with 54.9% during the same period of 2021.
Consolidated impairment charges rose during the period reflecting macro-economic developments, including - amongst other - the negative impact arising from the rupee devaluation and the higher expected credit losses from key customer segments of the Group. Consolidated profit after tax was LKR 7.4 billion, dropping by 12.9% over the same period 2021 whilst, on a Bank standalone basis, profit after tax was LKR 5.5 billion up 1.1% over Q1-21. Consolidated return on assets was 1.48% during the period as compared with 1.42% during Q1-21.
Consolidated deposits grew by 6.2% to reach LKR 2.3 trillion with CASA maintained at close to 40.0% levels. Consolidated net loans reached LKR 2.0 trillion. Stage 3 loans as a function of total gross loans increased during the period both on a Bank standalone and consolidated basis reflecting stressed macro-economic circumstances. Consolidated assets reached LKR 3.1 trillion; expanding by 10.6% with the rupee devaluation adjusted growth being close to 5.0%.
Tier I and Total Capital Adequacy was 12.0% and 16.1%, respectively at end March 31, 2022 as compared with 13.4% and 17.9% at end 2021. On a Bank standalone basis, these were 11.0% and 15.7%, respectively (end 2021: 12.6% and 17.8%); either of which without any reliefs or other exceptional adjustments being considered.
Commenting on the results, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “Times are extraordinary with the macro stresses clearly unprecedented. The Bank’s results however provide insight into its financial strength and capacity to navigate through these challenging circumstances. Needless to say, like for most other, the lack of foreign currency reserves in the country - is the Institution’s key source of distress. As a Domestically Systematically Important Bank with a broader national role - the Institution played a leading role post COVID 19 to support the Government and the country’s internal eco system function without any interruption by supporting, amongst many other, bulk of the country’s essential imports such as petroleum, pharmaceutical, coal and fertilizer. To ease pressure from the Bank’s standpoint, several measures are currently being explored in coordination and support of its key stakeholders”
The Chief Executive Officer/ General Manager of People’s Bank, Mr. Ranjith Kodituwakku, stated that: “The challenges are clearly unlike any seen in the past, which are likely to persists over the short term - at least. From both a business and operational standpoint, we have intensified our focus on few key areas. On a business front, considering the volatile interest rate environment and the inevitable pressure on net interest margins as now seen, we have increased our focus on non-interest-based income sources and, considering the country’s foreign currency shortfall, we are in the process of expanding our foreign inward remittances platform and footprint. In addition, as a crucial element to the country’s economic revival - we have allocated greater resources to support Small and Medium Scale Enterprises and certain other economy critical market segments. On an operational front, as part of our cost efficiency improvement initiatives - we are further investing in technology in all our core areas and, needless to say, to further strengthen the Bank’s platform in these challenging times, we are continuously enhancing our internal processes and overall risk management framework. Fully conscious of the challenges ahead, we remain fully committed to serving our customers and preserving the interest of all our stakeholders"
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking footprint comprised of 743 branches and service centers island-wide. With a history spanning 60 years, the Bank benefits from a staff strength of close to 8,000 who tirelessly and diligently serve more than 14.0 million customers and close to 19.0 million account relationships, which is by far the largest customer base of any financial services provider in the country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA- (lka/ rating watch negative)”; by Fitch Ratings Lanka Ltd.

People's Bank Buddhist Society donates dry rations to needy families

To commemorate the Vesak poya in a meaningful and impactful manner, the People's Bank Buddhist Society recently distributed dry rations among 50 low income families in Colombo North and South Regions at the 3rd floor of the People's Bank head office. Chairman of the People's Bank Sujeewa Rajapakse, CEO/General Manager Ranjith Kodituwakku, Senior Deputy General Manager (Payment,Digital,Process Management & Quality Assurance) K. B. Rajapakse, Deputy General Manager (Human Resources) Mr. K. A. Nihal along with members of the Executive Management and members of the Buddhist Society graced the occasion.

People’s Bank expands the quick digital loan processing facility to 300 branches

People’s Bank, the pioneer in Sri Lanka’s digital banking sphere, further expanded its digital loan processing enabled branch network to 300 by ceremoniously implementing its People’s Wiz Retail Loan Origination System (RLOS) in Gandara. People’s Wiz (RLOS) enables customers to obtain a personal loan conveniently within just 24 hours with minimal documentation. Prior to its implementation, the personal loan granting process was a 15-step procedure which used to take several days.
People's Bank remains focused on offering customers an enhanced banking experience using digital banking technology, keeping in line with modern banking practices. The Bank has introduced several digital banking initiatives, namely the Express Banking facility, People’s Wave app, Retail Internet banking facility, Corporate Internet Banking (CIB) web app, People’s Wyn mobile app, RLOS (Repay Loan Origination System), CLOS (Corporate Loan Origination System) and the People’s Pay app. All the bank’s digitalization projects ensure maximum security and convenience for customers.
People’s Bank Chairman Sujeewa Rajapakse, Chief Executive Officer/General Manager Ranjith Kodituwakku, Senior Deputy General Manager (Payment and Digital) K.B.Rajapakse, Deputy General Manager (Channel Management) Mahinda Premanath, Head of Marketing Nalaka Wijayawardana, Chief Digital Officer Mangala Kariyawasam, Matara Regional Manager I.K Indika, Asst. Regional Managers W.K.S Kumarasinghe, T.S Nammuniarachchi and Gandara Branch Manager D.C Mallikarachchi along with Bank Staff, and customers also participated in the event.
People's Bank embarked on its journey to revolutionize Sri Lanka’s Banking industry in 2015 by taking a pioneering role in digitalization and customer engagement. Since then, People’s Bank has successfully delivered a number of world-class digital banking solutions that have been readily embraced by its growing customer base due to the enhanced convenience, speed, efficiency and security offered by same.

People’s Bank organized a series of meritorious deeds in Anuradhapura for Poson Poya

People’s Bank organized a series of meritorious deeds in Anuradhapura. As a part of this program, People's Bank conducted an Alms Giving (Heel Dāna) to over twenty thousand devotees who observed sil in front of the Jaya Sri Maha Bodhi and the Ruwanweli Maha Seya.
The Buddhist Society of the People's Bank Regional Office in Anuradhapura has been organizing this meritorious deed consecutively for over four decades, with contributions from People's Bank and its entire staff.
Furthermore, the staff of People's Bank staged a glorious performance of the ‘Poson Bodhu Gee Saraniya’ for the 15th time, in front of the Ruwanweli Maha Seya on the Poson pya day evening. The music was directed by the veteran musician Karunarathna Wijewardhana. For this event
Under the patronage of Atamasthanadhipathi Ven. Dr. Pallegama Siriniwasa Thero and Viharadhikari of Ruwanweli Maha Seya Ven. Pallegama Hemarathana Thero, Chairman of People's Bank Sujeewa Rajapakse, CEO/General Manager Ranjith Kodituwakku, Deputy General Manager (Channel Management) Mahinda Premanath, Head of Marketing Nalaka Wijayawardana, Anuradhapura Regional Manageress Indumini Rathnayake, other Regional Managers and Manageresses, Asst. Regional Managers and Manageresses, Branch Managers, Govt. Officers, Officers of the Buddhist Society of People's Bank and many of the staff of People's Bank, were present at these occasions.

People’s Bank holds annual Christmas Carols

The Christian Guild of the People’s Bank recently held its annual Christmas Carols at the People’s Bank Head Quarters Branch in Colombo 02.
The staff representing branches located in Colombo, Puttalam, Kalutara and Wanni regions sang the carols.
The Christmas Carols was held under the patronage of Rev. Fr. Claude Nonis, Director of Faith Animation Mission.
At this event, Christian Guild of the People’s Bank donated school equipment to the Nattandiya, Tummodara Santhana Lama Niwasaya.
People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/ General Manager Ranjith Kodituwakku as well as Corporate and Executive Management, the bank staff and their families as well as retired employees of People’s Bank graced the occasion.
At the end of the Christmas Carols, gifts were distributed among children by the Santa Clause.

People’s Bank joins hands with HDFC Bank India to offer enhanced Banking services

People’s Bank, Sri Lanka’s premier licensed commercial bank has taken steps to further strengthen trade related services with India by opening an Indian Rupee (INR) account with HDFC Bank, India. This account will facilitate executing telegraphic transfers, performing foreign exchange transactions and result in expediting international trade transactions.
Speaking about the partnership, Sujeewa Rajapakse, Chairman of People’s Bank, said, “We are very pleased to partner with the India's leading financial service provider HDFC Bank which has a branch network of over 6000. This will undoubtedly allow us to provide an enhanced range of international banking services to our clients who aspire to capitalize on the huge market opportunity our giant neighbor is presenting”.
Ranjith Kodituwakku, Chief Executive Officer/General Manager of People’s Bank, speaking about the partnership said. “The INR account opened with HDFC Bank will allow us to provide all types of trade-related transactions including remittances and student payments to India. The trust that HDFC’s customers and providers of capital have placed in it over the years has almost become legendary in the Indian corporate world and we at People’s Bank are happy to provide the same service to our customer base that wants to reach the Indian market.”
Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second-largest financial services provider with close to LKR 3.0 trillion in consolidated assets. At present, the Bank has 743 branches and service centers located island wide and over 14.5 million customers. The Banker Magazine (UK), identified People’s Bank as among the Top 1000 Banks in the World.

People's Bank joins hands with the ETF to award scholarships to members’ children

For the 11th consecutive year, People's Bank joined hands with the Employees' Trust Fund (ETF) to reward 9,000 children of ETF members who had excelled in the Grade 5 scholarship examination. Under Phase 1 of this initiative, ETF Chairman Sriyan de Silva Wijeyeratne presented the cheque for this purpose to His Excellency the Prime Minister Mahinda Rajapaksa and People's Bank Chairman Sujeewa Rajapakse at an official event held at Temple Trees recently. Foreign Minister G.L Peiris, ETF General Manager D.P.G. Fernando, People's Bank Chief Executive Officer/General Manager Ranjith Kodituwakku and Deputy General Manager (Retail Banking, Process Management and Quality Assurance) Renuka Jayasinghe, together with ETF Deputy General Manager (Social Services) W.G.K. Ratnayake, Assistant General Manager H.G.D.N. Prasanna, Scholarships Officer W.L.D. Krishanthi, and S.A.D.R.T. Dissanayake of the Scholarships Division took part in the event.

People’s Bank’s 2021 Annual Report wins double gold at the Prestigious International ARC Awards 2022

People’s Bank, Sri Lanka’s Premier Licensed Commercial Bank, was once again bestowed Two (2) Gold Awards at the International ARC Awards 2022, as held in New York, United States for its 2021 Annual Report titled “Multifaceted Brilliance”. The ARC Awards are widely known as the Academy Awards for Annual Reports by the international financial community. Notably, People’s Bank was the only Licensed Commercial Bank from Sri Lanka to win two (2) golds at this year’s event.
During the event, the Bank’s 2021 Annual Report won a total 4 awards for:
 Gold for Written Text: Banks: National  Gold for Financial Data: Banks: National  Bronze for Cover Photo/Design: Banks: National  Honors - Specialized A.R: Integrated AR & CSR: Non-Traditional Format
Sharing his views on the wins, People’s Bank Chairman Mr. Sujeewa Rajapakse stated that: “We are extremely proud of this accomplishment and more so considering the stage on which it is achieved. ARC Awards are the World’s largest International Annual Report competition attracting over 1,600 submissions from over 30 countries and where the competition is amongst the best in class with awarding taking place pursuant to a multi-tiered evaluation process by over 100 distinguished subject matter experts from the world over. Recently, People’s Bank celebrated its 61st anniversary and like a precious diamond with multiple facets, the Bank over its six decades of operations has molded into a multifaceted financial institution catering to all segments of the country’s population of varying socio economic and demographic profile”
Expressing his views on the awards, People’s Bank Chief Executive Officer/ General Manager Mr. Ranjith Kodituwakku stated that: “The multiple wins reinforces’ our commitment to excellence across all aspects of our business operations. Stakeholder engagement remains fundamental to our activities, and the Integrated Annual Report serves as vital tool for this purpose. 2021 was a year which witnessed a continuation of the challenges that were triggered even before the pandemic, and, despite such prolonged setback, the Bank has forge ahead showcasing its resilience leveraging on its customer centricity and digital superiority whilst continuing to serve the needs of a nation in a time of extraordinary challenge and change”
Commenting on the outstanding winning streak of People’s Bank at the ARC Awards, People’s Bank Head of Finance Azzam A. Ahamat stated that: “The accolades are testimony to the Bank’s commitment to the Best in Class in Reporting and its endeavor to continuously provide a three sixty-degree view for the benefit of all its stakeholders from both a quantitative and qualitative perspective. In preparing its Reports, the Bank draws on concepts, principles, and guidance from, amongst other, the International Integrated Reporting Council (IIRC) Framework, Consolidated Set of Global Reporting Initiatives and Guidelines and the United Nations Sustainable Development Goals. With much of the creative and compilation being internal, we remain committed to continuing to set benchmarks in the space of integrated reporting”
Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second largest financial services provider with close to LKR 3.0 trillion in consolidated assets and accounts for close to 16.0% of Banking sector assets. At present, the Bank benefits from 744 branches and service centers located island wide and over 14.5 million customers - either of which the industry’s largest. As per the Banker Magazine (UK), People’s Bank is amongst the Top 1000 Banks in the World in terms of Consolidated Tier I. It is also the beneficiary of numerous awards and accolades both locally and internationally including for its digital initiatives.

People's Bank’s Embuldeniya Service Centre moves to an enhanced new location

People's Bank Embuldeniya Service Centre was ceremoniously declared opened at a new and enhanced location by People’s Bank Chairman Sujeewa Rajapakse and Chief Executive Officer/ General Manager Ranjith Kodituwakku recently. While the Service Centre provides customers in the Embuldeniya area with the latest digital banking and savings solutions it also enables them to conduct most of their transactions 24 hours a day, 7 days a week by using the Self Banking Unit available at the Service Center. People's Bank possesses the country's largest branch network of 741 outlets. Premalal Athukorala – Vice Chairman of the Sri Jayawardenepura Kotte Municipal Council, K.B.Rajapakse - Senior Deputy General Manager (Payment and Digital) of People’s Bank, Mahinda Premanath - Deputy General Manager (Channel Management), Lalith Vithana - Deputy General Manager (Banking Support Services), Lal Peiris – Colombo Outer Regional Manager, Assistant Regional Managers, Senani Rajapakse – Nugegoda Main Branch Senior Manager, S.B.K Gayathri - Embuldeniya Service Centre Manager and other bank officials as well as customers took part in the event.

People’s Bank unveils a Self-Banking Unit in Rattota

People’s Bank opened 279th Self-Banking Unit (CDM/ ATM) at Rattota Branch premises recently.
The Self-Banking Unit comprises of An Automated Teller Machine (ATM) and Cash Deposit Machine (CDM). With the installment of the new unit, People’s Bank customers in the area can enjoy a convenient and efficient banking experience 24 hours a day, 7 days a week and 365 days a year.
Rattota Divisional Secretary F.R.M Riyaldeen, People’s Bank Matale Regional Manageress Lalani Adikari, Assistant Regional Manageress Nirodha Rambodagedara and K.L Manikarachchi, Rattota Branch Manager Dhammika Jayawardane, the bank staff and customers graced the occasion.

People's Bank opens a banking counter at Passport Office to add further convenience to migrant workers

People's Bank has stepped forward to support the Department of Immigration and Emigration by establishing a new banking counter at ‘Suhurupaya’, Battaramulla recently. This initiative was taken with the aim of supporting the Central Bank of Sri Lanka’s ongoing efforts to boost the country’s foreign reserves by offering migrant workers access to safe, official remittance channels from the time they obtain new passports or renew their passports in order to leave for jobs abroad. Chief Guest of the opening ceremony Ajith Nivard Cabraal - Governor of the Central Bank of Sri Lanka commented, “A lot of Sri Lankans go overseas for jobs and send their hard-earned money to Sri Lanka. Sometimes they face issues when remitting money. So we thought we should provide the opportunity for them to open an account as they obtain their passports at the passport office which they can operate with greater ease and trust when sending money to their families from abroad. The Controller of Immigration and Emigration, his staff, the officials at the Central Bank and at other relevant banks worked in unison to establish their counters here just within a week. This shows that government institutions can collaborate with the private sector and quickly accomplish any task for the benefit of the country and its people. Our hard-working migrant workforce will enjoy the convenience and reliability of this service. As a result of it, more foreign money will flow into the country and the nation will reap benefits from it.” Remittances from Sri Lankan foreign workers have been a vital component of Sri Lanka’s foreign currency earnings, boosting the economy as well as the country’s ability to withstand external sector resilience. Statistics reveal that Sri Lankan foreign workers’ remittances have covered around 80% of the annual trade deficit over the past two decades. Strengthening foreign remittance inflows to the country brings significant socio-economic benefits including the steady supply of forex inflows to the formal banking system, which in turn helps in the smooth functioning of the country’s Banking Industry. Given the importance of foreign remittances to the country, in early November, the Central Bank of Sri Lanka established a new department named ‘Foreign Remittances Facilitation Department’ to facilitate and streamline workers’ remittances inflows to the country. People’s Bank Colombo Outer Regional Manager Lal Peiris, Battaramulla Branch Manager Lasantha Ranathunga, bank staff members and customers participated in the occasion.

People's Bank recognized as one of Sri Lanka's most outstanding workplaces for women at WFWP Awards 2022

People's Bank was recognized as one of Sri Lanka's most outstanding workplaces for women at the Satynmag CIMA Women Friendly Workplace Awards 2022. (WFWP Awards) 2022.
The award was received by People’s Bank Deputy General Manager (Retail Banking) Renuka Jayasinghe, Deputy General Manager (Enterprise Banking) Krishani Narangoda and Acting Deputy General Manager (Human Resources) K. Nihal at the award ceremony held recently at the Kingsbury Hotel. The award was given by the Chief Guest Melanie Kanaka, President CIMA, accompanied by Nayomini R Weerasooriya - Founder Editor - Satynmag.com and Zahara Ansary Country Manager CIMA.
Women friendly workplace award is the first of its kind in Sri Lanka and is jointly pioneered by Satynmag.com and CIMA. The WFWP Awards have set a unique standard for capturing and augmenting the importance of creating a women friendly workplace culture; whilst also acknowledging specific measures and inclusive mechanisms that encourage women to achieve a higher level of success at work.
The Satynmag.com CIMA WFWP Awards have created a tremendous interest in uplifting the role of women in Sri Lankan workplaces and empowering them for organizational, societal and economic development. The Awards have fostered an enhanced awareness of the need for a women friendly, enabling, equitable and an inclusive workplace culture.
With a 60% representation of women across the organization, People's Bank, remains firmly committed to encouraging women to climb the ladder of success across various banking related fields of work.

People's Bank donates another Portable Ultra Sound Scanner to the Jaffna Teaching Hospital in commemoration of its 60th anniversary

As part of the series of CSR initiatives organized to mark People's Bank’s 60th Anniversary, a Portable Ultra Sound Scanner worth over Rs.7 million was donated to the Jaffna Teaching Hospital recently. This state of the art equipment which can be deployed to treat COVID-19 patients was funded by the People's Bank Staff Members by donating a part of their salaries. Ranjith Kodituwakku - Chief Executive Officer/ General Manager, People’s Bank, Dr.T. Sathiyamoorthy - Director of the Jaffna Teaching Hospital, Dr. S.Sribavanatharaja and Dr. C.Jamunanantha – Deputy Directors, Nalaka Wijayawardana – Head of Marketing, People’s Bank, K.Kodeeswaran – Jaffna Regional Manager, M. Mathiyalagm -Assistant Regional Manager and P.Partheepan - Jaffna Branch Manager, Bank Staff and Hospital Staff were present at the event. Once the COVID-19 pandemic settles, the hospital expects to use this scanner for the benefit of other patients as well. Similar equipment were earlier donated to National Hospitals in Colombo and Kandy, coutesey of the People's Bank staff.

People’s Bank’s quick digital loan processing facility expanded to 200 branches

People’s Bank, the pioneer in Sri Lanka’s digital banking sphere, reached yet another milestone when launched its 200th People's Wiz credit facility enabled branch in Athurugiriya on 27th December 2021. “People’s Wiz” Retail Loan Originating System (RLOS) is one of the Bank’s key innovative digital banking projects which enables bank to disburse personal loans within 24 hours with minimal documentation. Prior its implementation, loan Personal Loan granting process was a 15-step procedure which used to take as long as a month. People's Bank has always focused on offering a high quality customer experience using digital banking technology keeping in line with modern banking practices. Also, the Bank’s digitization projects were executed ensuring the maximum security and convenience for customer transactions. People’s Bank Chairman Sujeewa Rajapakse, Chief Executive Officer/General Manager Ranjith Kodituwakku, Senior Deputy General Manager (Payment and Digital) K.B.Rajapakse, Deputy General Manager (Channel Management) Mahinda Premanath, Head of Marketing Nalaka Wijayawardana, Chief Digital Officer Mangala Kariyawasam, Colombo Outer Regional Manager Lal Peiris, Chief Manager Nalika Liyanage, Asst. Regional Managers N. Arohana, Sudarma Subashini, M.Suriyapperuma and Branch Manager A.G Manori along with a Bank Staff, and customers also participated at the event.

People's Bank becomes the first bank to be an issuer and an acquirer of LankaPay National Card Scheme

People's Bank Joined LankaPay National Card Scheme becoming the first bank to be both an Acquirer and an Issuer of same. The agreement to this partnership was exchanged between People's Bank CEO/GM Ranjith Kodituwakku and LankaClearGM/ CEO Channa De Silvaat People’s Bank Head Office,recently. People's Bank Senior Deputy General Manager (Payment and Digital)K.B.RajapakseandHead of Cards Jayanath Dias;LankaClearDGM – FinanceRasika Galappaththy and Manager - Business Development Sashika Kaushalya; and Consultant to JCB International(for Sri Lanka) Lakshman Liyanage,were also present at the occasion of signing of the agreement. LankaPay National Card Scheme is the domestic card scheme of Sri Lanka adhering to international standards, introduced under the guidance and approval of the Central Bank in partnership with JCB international - one of the six leading International Card Schemes headquartered in Japan. People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking foot print comprised of 741 branches and service centers island wide.The Bank also possesses country’s largest customer base of more than 14.0 million. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA - (lka/ Stable)”; by Fitch Ratings Lanka Ltd.

People’s bank promotes LankaQR facility in Negombo

The Central Bank of Sri Lanka launched another Lanka QR promotional program in Negombo area under the patronage of CBSL Governor Mr. Ajith Nivard Cabraal recently and People’s Bank also participated in this program. Leading to the event, People’s Bank Gampaha Region conducted several special Lanka QR promotional activities throughout the month of December covering major cities in the Negombo area such as Kochchikade, Seeduwa, Ja-Ela, Maradagahamula, Pamunugama, Minuwangoda and Katunayake. This approach enabled People’s Bank to fully engage the local business community and other customers in QR facilities covering all cities of the area by the time the final event was held. The Central Bank of Sri Lanka introduced the Lanka QR, the unique payment system to revolutionize the payment culture in the country by introducing a fast, secure and low cost digital payment system Island wide. Mr. D. Kumaratunga - Deputy Governor of the Central Bank of Sri Lanka, Mr. Lalith Vithana -Deputy General Manager (Banking Support Services) of People’s Bank, Mr.Mangala Kariyawasam - Chief Digital Officer, Mr.Nalin Pathirage- Gampaha Regional Manager, Assistant Regional Managers, Branch Managers, Business Promotion Officers of the Gampaha Region and the staff of the People’s Bank Branches participated in this event.

Clive Fonseka appointed as acting CEO/GM of People’s Bank

Mr.Clive Fonseka has been appointed as the Acting CEO/General Manager of People’s Bank with effect from 1st January 2023.
Fonseka is a veteran banker with over 30 yearsof experience in local and global banks specializing in Treasury operations.Prior to joining People’s Bank he hasserved at Standard Chartered Bank and American Express Bank.
Fonseka has also been appointed by Central Bank of Sri Lanka on multiple occasions to serve as a member of several key committees to develop the banking and financial services industry which include; • Market Working Group on Domestic Financial Market Infrastructure Development • The Monetary Board Task Force to review the existing benchmark interest rates in the Sri Lankan Financial Market • Financial System Stability Consultative Committee • Committee to study and identify the gaps and future requirements of the existing payment and settlement infrastructure In addition, Clive Fonseka has served as the President of Association of Primary Dealers and currently is the Chairman of People's Leasing Property Development Limited. He also serves as a Director of Association of Primary Dealers, Lanka Pay (Pvt) Ltd, Credit Information Bureau of Sri Lanka (Alternate Director), People's Leasing & Finance PLC and Lankan Alliance Finance Limited (Bangladesh).
Fonseka is a Fellow of the Institute of Bankers of Sri Lanka and holds an MBA from the Postgraduate Institute of Management, University of Sri Jayawardenapura. He is also a Certified Member (CMA) of the Institute of Certified Management Accountants of Australia. Fonseka is a product of St. Sebastian’s College, Moratuwa. Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second-largest financial services provider with close to LKR 3.0 trillion in consolidated assets. At present, the Bank has 743 branches and service centres located island wide and over 14.5 million customers. The Banker Magazine (UK), identified People’s Bank as among the Top 1000 Banks in the World.

People’s Bank opens first ‘CRM’ equipped self-banking unit in Weligalla

Marking yet another milestone in its digital transformation journey, People’s Bank launched its first Cash Recycle Machine (CRM) equipped self-banking unit at the Weligalla Post Office Complex premises on October 11, 2022.
Attached to the Gelioya branch of People’s Bank, the CRM at the self-banking unit offers customers the ability to deposit Cash, withdraw Cash and pay bills at any time as it operates 24 hours a day, every day of the week. Gracing the occasion were COPE Committee Chairman, Udunuwara Regional Coordination Committee Chairman and Member of Parliament Prof. Hon Ranjith Bandara, People’s Bank Chief Executive Officer/ General Manager Ranjith Kodituwakku, Deputy General Manager (Channel Management) Mahinda Premanath, Kandy Regional Manager Kapila Dissanayake, Udunuwara Pradeshiya Sabha Chairman Gamini Thennakoon, Pradeshiya Sabha Opposition Leader U.G. Wijekoon, People’s Bank Assistant Regional Managers Tissa Thennakoon, Shamira Kumarapeli, Anusha Alahakoon, Gelioya Branch Manager Nashra Zuhair among bank staff, government officials, businessmen and customers.
As one of the leading banks in Sri Lanka, People’s Bank Bank launched its digital banking programme in 2015, under which the self-banking units were introduced in December 2016, with the aim of offering every banking service to customers with unlimited convenience. These units consist of automatic teller machines (ATM), cash deposit machines, (CDM) and bill payment kiosks.
The implementation of the self-banking concept has been a massive success for People’s Bank, as it has become extremely popular among customers since introduction. Currently, there are 281 self-banking units across the island, and the installation of CRM machines will further enhance customer convenience, by enabling them to withdraw and deposit funds, and paying bills in one place. People’s Bank aims to further increase its digital banking facilities while rapidly expanding this facility to cover other areas around the island in the near future.

People’s Bank welcomes 2023

A ceremony was held recently to usher in the New Year at the Head Office of People’s Bank during which the Bank Staff assumed duties by pledging the Government Service Oath.
The gathering was addressed by Sujeewa Rajapakse – Chairman and Clive Fonseka - Acting Chief Executive Officer/ General Manager of People’s Bank. A ceremonial chanting of Seth Pirith as well as multi-religious observances also were conducted on this day.
The event at the Head Office was attended by the Corporate and Executive Management, representatives of trade unions, representatives of religious organizations and other voluntary organizations all team members and pensioners. Simultaneously in branches all over the country similar events took place with staff members pledging the Public Service Oath in commemoration of the New Year.

People’s Bank opens a Self Banking Unit at General Sir John Kotelawala Defence University Hospital

The latest Self Banking Unit of People’s Bank was declared open at the Utility Complex of the General Sir John Kotelawala Defence University Hospital, Werahera.
This Self Banking Unit Consists of an ATM (Automated Teller Machine) for cash withdrawal and a CDM (Cash Deposit Machine) for cash deposits enabling customers to access a range of banking service 24 hours all 7 days of the week. Within the same premises, a People's Bank Service Counter also was established to offer other digital Banking Services.
General Sir John Kotelawala Defence University Vice Chancellor Major General Milinda Peiris, People’s Bank Chairman Sujeewa Rajapakse, CEO/General Manager Ranjith Kodituwakku, UHKDU Deputy Vice Chancellor – Defence and Administration Brig. Vipula Chandrasiri, Executive Director Dr. B Jayan Mendis, Director - Medical Service Brig. P.S Thilakarathne, Director – Admin Brig. L.W.S.R. Wettasinghe, Prof. Jayantha Balawardane, Consultants, Tri Services Officers, Medical Officers, Nursing and Other Staff of the hospital, People’s Bank Senior Deputy General Manager (Payment, Digital, Process Management & Quality Assurance), Renuka Jayasinghe - Deputy General Manager (Personal Banking), Mahinda Premanath - Deputy General Manager (Channel Management), Nalaka Wijayawardana - Head of Marketing, Colombo Outer Regional Manager Buddika Ranathungage and Bank officials participated in the event.
People’s Bank is the premier financial services provider in the island with an island wide network of 742 branches and service centres, over 14 million customers and Rs. 3 Trillion in assets

People's Bank Rewards June Millionaire of “Vaasi Kotiyai” Remittance bonanza in Dubai

People's Bank's ‘People's Remittance Vaasi Kotiyai, Bonanza’ selected its June Month millionaire winner recently. The lucky winner was I.R Madusanka Jayaweera, who received his Rs.1 million prize from Nalinda Wijerathna - Consulate General of Sri Lanka - Dubai & Northern Emirates.
People's Bank launched "People’s Remittance Vaasi kotiyayi" Draw from 1st February 2022 to motivate Sri Lankan migrant workers who work tirelessly to strengthen the country’s economy. Under this promotion the Grand Draw winner who will be selected at the year end will be presented with a Grand Prize of Rs.10 million. Additionally, a Rs.1 Million Monthly winner is selected every month, while 22K gold sovereign weekly winners and Rs10,000 daily cash prize winners will be selected 48 times, and 334 times respectively until 31st December 2022.
All inward worker remittances sent through People’s Bank to People’s Bank accounts, and other bank accounts are eligible for the draw. Further, the remittances collected over the counter at People’s Bank branches including remittances sent via WU, Ria or similar channels during the period from 1st February to 31st December 2022 are too eligible for the draw. Customers can also increase their chances of winning by remitting more money.

People's Bank Vaasi Kotiyai rewards foreign remittance draw winners

31th March 2022, Colombo: People's Bank picked the third batch of winners of the People's Remittance ‘Vaasi Kotiyai, Ewannai Dinannai Draw 2022’ where the Daily and Weekly Winners for the first two weeks of March were selected. This event was held at the People's Bank, Overseas Customer Services premises at Colombo 10 recently. Accordingly, prizes of Rs. 10,000 each will be presented to 14 Daily Winners while the 2 Weekly Winners will be awarded 22- Karat gold sovereigns. People's Bank launched ‘People’s Remittance Vaasi kotiyayi’ Draw from 1st February 2022 to encourage and appreciate efforts Sri Lankan migrant workers who work tirelessly to strengthen the country's economy and build a better life for themselves and their families. Under this promotion, the Grand Draw winner who will be selected at the yearend will be presented with a Grand Prize of Rs.10 million. Additionally, Rs.1 Million Monthly winners will be selected every month, 22K gold sovereign weekly winners will be selected 48 times, while in 10,000 daily cash prize winners will be selected 334 times until 31st December 2022. All customers who remit foreign remittances to People’s Bank accounts, to other bank accounts through People’s Bank and remittances collected over the counter at People’s Bank branches including WU, Ria or similar channels during the period from 1st February to 31st December 2022 are eligible for the draw. Customers can also increase their chances of winning by remitting more money. Mr.Rohan Pathirage - Senior Deputy General Manager (Overseas Customer Services), Mr. Lionel Galagedara - Deputy General Manager (Recoveries), Mr. Azzam A Ahamat – Head of Finance, Ms.Aruni Liyanagunawardana – Assistant General Manager (OCS), Mr. Mohamed Ruwaiz - Chief Manager (Audit), Ms.Renuka Arunasalam - Chief Manager (Overseas Customer Services) and Ms.Thilini Perera - Senior Manager (OCS) Mr.Vipula Warnakula - Senior Manager (IT) participated in the event.

People's Bank 'Ethera Sisu Diriya' Commence from Matara

The opening ceremony of the 'Ethera Sisu Diriya' which was initiated under the 'Mahajana Mehewara' CSR drives of the People's Bank was held recently at the Grand Navro Hotel in Matara under the auspices of Dr. Willie Gamage, the Governor of the Southern Province, Chairman of the People's Bank Mr. Sujeewa Rajapakse and CEO/General Manager Mr. Ranjith Kodituwakku.
'Ethera Sisu Diriya' had been launched by People’s Bank in collaboration with the Sri Lanka Foreign Employment Bureau, Ministry of Education, District Secretariats, Divisional Secretariats as a tribute to foreign employees who toil tirelessly to earn foreign exchange to provide a a better life for their loved ones and strengthen the economy of the country. The purpose of introducing this program was to assist their children's education in the absence of a parent, thus ensuring the child’s development into a good citizen.
Under this program, the details of those who leave for foreign employment will be shared with the People's Bank by Foreign Employment Bureau and Development Officers in District Secretariats. If such people have children of school age, the bank will coordinate with their teachers and school principals through the Ministry of Education to monitor the progress of those children. This will be done via a specially designed progress report which will be used to evaluate each child’s education, mentality and extra-curricular activities by the school. The bank reviews this report and connects with foreign employee’s families to plan for the child’s future development. “Ethera Sisu Diriya” covers all children from Grade 1 to 13. The uniqueness of this program is that, without limiting the progress evaluation to just education, it supports the child’s extracurricular activities too. Already all school principals of Matara District have been notified through the Ministry of Education in this regard and all District Secretaries and Divisional Secretaries will be notified through the Foreign Employment Bureau. People's Bank expects to extend this program to all 24 districts in the country.
The launching ceremony of the program was attended by the Secretary - Southern Provincial Ministry of Education Ranjith Yapa, Matara District Secretary Y. Wickramasiri, Director of Education – Southern Province Nimal Dissanayake, Senior Deputy General Manager (TB & OCS) of the People's Bank Rohan Pathirage, Deputy General Manager (Personal Banking) Renuka Jayasinghe, Deputy General Manager (Channel Management) Mahinda Premanath, Asst. General Manager (Corporate Banking - 1) Nalin Perera, Matara Regional Manager I. K. Indika, Divisional Secretaries, School Principals of the area, foreign employment related officers in the district and area, Development Officers in-charge of foreign employment sections and members of families employed abroad.

People's Bank launches Affinity Credit Card to celebrate Mahamaya Girls’ College 90th Anniversary

5th April 2022, Colombo: People's Bank launched an Affinity Credit Card for the past pupils of Mahamaya Girls' College in celebration of the 90th Anniversary of the college. The credit card was formally introduced to the audience at the Annual General Meeting of the Past Pupils' Association of Mahamaya Girls' College held recently. The event was graced by the presence of Ms. S. Senadheera - Principal of Mahamaya Girls' College, together with People's Bank representatives Mr. Jayanath Dias – Head of Cards, Mr. Kapila Dissanayake - Kandy Regional Manager, Ms. Shameera Kumarapeli - Assistant Regional Manager, Mr. Janaka Jayasinghe - Kandy Senior Manager, and Mr. Aruna Danthanarayana – Marketing Manager Card Centre. Former student of Mahamaya Girls' College and Manager of People's Bank Delthota Branch Nilanthi Ediriweera coordinated the introduction of this Affinity Card. At the event, past pupils of Mahamaya Girls' College employed at People's Bank together with the Business Development team of the Kandy Branch carried out a credit card programme for the audience.

People's Bank strikes Gold at Technnovation Awards 2022

4th April 2022, Colombo: People’s Bank further illustrated its dominance in Sri Lanka’s digital banking sphere by winning two awards at the fourth edition of the LankaPay Technnovation Awards, Sri Lanka’s pioneering and the only payment technology innovation awards, held at the Shangri-La Colombo recently. People’s Bank mobile payment app People's Pay won the Gold award for ‘Best Mobile Application for Retail Payments via LankaQR (Banks and Non-Bank Financial Institutions)’ while the People's Wave bagged the Merit award for ‘Most Popular Digital Payment Product (Banks and Non-Bank Financial Institutions - Internet Banking)’. People's Bank was also bestowed with a special appreciation for its unwavering support towards the LankaPay National Payment Card. People's Bank was represented at the event by Chairman Sujeewa Rajapakse, Chief Executive Officer/General Manager Ranjith Kodituwakku, and Chief Digital Officer Mangala Kariyawasam. Sharing his thoughts, People’s Bank Chairman Sujeewa Rajapakse observed, “Even before the arrival of the COVID-19 pandemic, People’s Bank had set the benchmark in Sri Lanka for revolutionizing the use of digital tools and technologies in the Banking industry. The pandemic has certainly created challenges of unseen proportions and as the pride of the nation, it is the duty of People’s Bank to lead from the front when it comes to forging a path towards recovery by leveraging the power of digital technology. The Bank has already made significant progress in this regard as these accolades clearly demonstrate and we will always remain laser-focused on doing what is best for the nation and the people.” Commenting on the award wins, People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku stated, “We embarked on our journey to revolutionize Sri Lanka’s Banking industry in the year 2015 by taking a pioneering role in digitalization and customer engagement. Since then, People’s Bank has been consistently delivering a number of diversified, world-class digital banking solutions that have been readily embraced by our growing urban and rural customer base, primarily because they provided enhanced convenience, speed, efficiency and security. These latest accolades further reinforce our position as the country’s leader in digital banking. We are proud to have won these awards but we will not rest on our laurels. We continue to push the envelope when it comes to developing digital solutions of international standards and support the nation’s evolution into a digital society.”

Director

Mr. Dushmantha Thotawatte

Mr. Dushmantha Thotawatte was appointed to the Board of Directors with effect from 08.07 2022. Mr.Thotawatte is a fellow member of the Institute of Chartered Accountants of Sri Lanka with a Bachelor of Commerce (Special Degree) from the University of Sri Jayawardhanepura & a Master in Financial Economics from the University of Colombo. He is an accomplished leader who has extensive experience in the field of Financial Management, Corporate Governance, Strategic Management and Public Relations, together a successful track record as Chief Executive Officer, Chief Financial Officer and Chief Internal Auditor in many state owned enterprises and private organizations and counts over 38 years of experience.

People’s Bank Gandara Branch Moves to New Premises

People's Bank Gandara Branch was ceremoniously declared opened by People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku at its new location recently.
Located at No.302C, Tangalle Road, Gandara, this branch will be offering cutting edge digital banking services to the people in the area. In addition, the Automated Teller Machine (ATM) established at the location will enable cash withdrawals 24 hours a day seven days a week. Furthermore, this branch is a model for the introduction of 5S to the Matara region.
The occasion was also attended by Mahinda Premanath, Deputy General Manager (Channel Management), T.M.W. Chandrakumara, Assistant General Manager (Channel Management), Ganga Senanayake, Assistant General Manager (Channel Management), I.K. Indika, Matara Regional Manager, Nilmini Gunawardena, Hambantota Regional Manager, Nilanthi Rubasinghe, Senior Legal Officer (Southern Region), Thushari Nammuniarachchi, Assistant Regional Manager, Nishani Pathirana, Senior Manager (Regional Loans Unit), Chief Inspector of Gandara Police Station Deshabandu Senaratne, Gandara Branch Manager Priyantha Ratnayaka along with the staff and customers of the branch.
People’s Bank is the premier financial services provider in the island with an island wide network of 743 branches and service centres, over 14 million customers and Rs. 3 Trillion in assets.

People’s Bank launched two curated banking services packages with Elegance and Excelsior

People’s Bank, Sri Lanka’s Premier Licensed Commercial Bank, launched two new product offerings titled, Elegance and Excelsior, providing its customers with a comprehensive range of banking solutions designed to match their lifestyle needs. Elegance is a private banking facility that will complement and add value to the lives of high-net-worth individuals. Excelsior is a banking services package designed for upwardly mobile salary earners.
Sujeewa Rajapakse, Chairman of People’s Bank, speaking at the launch of the two products, said, ‘While staying true to our founding principles, we are nimble and sensible enough to adapt to changing times and customer expectations. The launch of our curated banking services packages Elegance and Excelsior marks an important milestone in our journey. Customers come to banks looking for convenience, flexibility, recognition and personalisation. That is why we at People’s Bank have invested heavily in superior technology, branding and service excellence’
Ranjith Kodituwakku, Chief Executive Officer/General Manager of People’s Bank, speaking about the two new product offerings said, ‘Customers increasingly look for products and services that match their lifestyle needs. At People’s Bank, we have identified this and have created Elegance, a private banking proposition, and Excelsior a banking services package created for high-end salary earners. These two products are a clear indication of the commitment of People’s Bank towards the use of cutting-edge technology to support customer centricity. The bank remains firmly focused on providing the highest level of customer satisfaction in every facet of the operation. This is why we have started measuring our service quality at every touch point via various customer satisfaction programmes and embedded those measurements into our KPIs.’
People’s Bank’s Elegance product takes a holistic approach to serve the high net worth individuals’ banking needs. Accordingly, the Elegance customers will receive a host of benefits and privileges such as Personalized Debit Cards, Credit Card and a Cheque book along with free travel insurance, Airport lounge access, a dedicated Customer Relationship Officer and preferential rates and tariff for banking services. Further, they will be served at two exclusive Elegance Customer Centers in Colombo 7 and Ratnapura. Elegance customers will be attended to by the Bank Manager should they walk into any People's Bank branches.
With the Excelsior service offering, People’s Bank customers will be provided with personalization with a dedicated Excelsior Ambassador at every People’s Bank branch to serve them with fast and efficient service. They will also receive an Excelsior VISA Signature Credit Card and an Excelsior Debit Card with enhanced transaction limits. They also will receive a special Excelsior Cheque book when they open a current account in addition to a range of preferential rates on their banking transactions.
Both the Elegance and Excelsior customers will receive preferential rates over and above the published rates for vehicle and property insurance from People's Insurance.
Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second-largest financial services provider with close to LKR 3.0 trillion in consolidated assets. At present, the Bank has 743 branches and service centres located island wide and over 14.5 million customers. The Banker Magazine (UK), identified People’s Bank as among the Top 1000 Banks in the World.

People’s Bank continues to maintain steadfast performance

People’s Bank today announced the results for its nine months period ended September 30, 2022, recording pre-tax profit of LKR 17.0 billion on a Bank solo and LKR 21.0 billion consolidated basis.
The total operating income rose by 41.3% to reach LKR 91.0 billion, whilst total operating expenses grew by only 9.6% to LKR 31.4 billion reflecting prudent cost management amidst a highly challenging macro-economic environment characterized by, amongst other, an 80.0% currency devaluation and primarily arising therefrom close to 70.0% inflationary pressure. The Bank’s cost to income ratio was 40.9% for 9 months period ended as compared with 52.3% during the same period 2021, reflecting both top line growth and controlled cost increases.
Net interest income grew by 12.7% to reach LKR 66.5 billion whilst interest expenses rose by 89.6% during the nine months 2022. As a result, net interest margins slipped to 3.12% from 3.27% in the same period 2021. Fees & commission income grew by 128.0% to reach LKR 12.8 billion as compared with LKR 5.6 billion in the same period 2021. Excluding extraordinary items, growth was close to 30.0%, reflecting the Bank’s ongoing effort to improve its non-funded sources of income, more so in a highly volatile interest rate environment.
Impairment charges rose significantly reflecting challenged macro level circumstances and the elevated level of risk across its key customer segments. Post tax profit was LKR 12.7 billion, dipping by 15.6% over the same period 2021.
Total deposits grew by 10.4% to reach LKR 2,286.3 billion whilst net loans amounted to LKR 1,811.0 billion, contracting by a marginal 1.3%. Total assets reached LKR 3,028.5 billion growing by 14.4% from end 2021.
The Bank’s Tier I and Total Capital Adequacy Ratio was 11.2% and 15.6%, respectively on a Bank solo basis (end 2021: 12.6% and 17.8%) whilst, on a consolidated basis, it was 12.4% and 16.3%, respectively (end 2021: 13.4% and 17.9%). The Bank’s solvency reflected its efforts to augment its regulatory capital since the roll out of Basel III on July 1, 2017 with further efforts in this connection ongoing.
Commenting on the results, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “All factors and circumstances considered, we are pleased with the Bank’s results. Irrespective of sector or nature of business, 2022 is not a year where performance is measured by top or bottom line but one of resilience, prudence, solvency without any regulatory forbearance and, more importantly, customer centricity in their time of dire need. During the last several years, People’s Bank has played a pivotal role by putting country first by supporting the internal eco system function without any disruption to the best of its abilities and has facilitated, amongst many other, bulk of the country’s imports relating to crude oil, coal, fertilizer, and essential medicine. We remain committed to serving the nation and are already in the process of implementing several additional measures to better equip the Bank meet the increasing needs of its various stakeholders”
The Chief Executive Officer/ General Manager of People’s Bank, Mr. Ranjith Kodituwakku, stated that: “With the economy set to contract this year, excluding the impact of the currency devaluation, most balance sheets are likely to contract. Whilst profitability is not the focal point, bolstering liquidity, strengthening capital, and bringing about productivity and efficiency enhancements in these difficult times through digital and other means are the key focus areas. Needless to say, whilst the process of recovery will be a long and arduous one and one which hinges on many moving parts, we remain optimistic that we are currently on the right path to recover. In all probability, the changes which have taken place, those currently taking place and, more importantly, those likely to take place will shape the country’s future for the better.
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking footprint composed of 744 branches and service centers. With a history spanning 61 years, the Bank benefits from a staff strength close to 7,500 who tirelessly and diligently serve over 14.5 million customers and over 19.0 million account relationships, which is by far the largest for any financial services provider in the country.