‘People’s Tower’, the new head office building of People’s Bank, was ceremonially declared open today (07) at No. 374, Dr. Colvin R. de Silva Mawatha, Colombo 2.

The building was declared open under the patronage of the Governor of the Central Bank of Sri Lanka, Dr. P. Nandalal Weerasinghe, and the Secretary to the Treasury and Ministry of Finance, Planning and Economic Development, Dr. Harshana Suriyapperuma.

For over sixty-four years, People’s Bank has been deeply committed to the development of the nation by providing financial facilities to the public and making an unparalleled contribution to the country’s social and economic progress. The unveiling of this new head office marks a significant milestone in the history of banking and finance in Sri Lanka. It symbolises not only the Bank’s growth but also the wider economic advancement of the nation, while serving as a strong foundation for the further expansion of the Bank’s services to the country and its people.

The new head office building comprises 22 floors and three basement levels, constructed entirely in accordance with the Green Building concept, in line with People’s Bank’s environmental sustainability policy. It houses a fully equipped auditorium, documentation unit, modern cafeteria, medical centre, multiple conference rooms, and many other specialized facilities.

The premises also include the People’s Bank Staff Training College, while the Union Place Branch has also been established within the building to provide customers with advanced digital banking facilities. A special commemorative cover and stamp issued by the Department of Posts to mark the opening of People’s Bank’s new head office were launched at the event.

The previous head office of People’s Bank, located at Sir Chittampalam A. Gardiner Mawatha, Colombo 2, was inaugurated in 1977. This brand-new head office, opened decades later, reflects the strength, innovation, efficiency, and pride of People’s Bank as a state-owned financial institution and a national asset.

The ceremonial opening was attended by People’s Bank Chairman Prof. Narada Fernando, members of the Board of Directors, Chief Executive Officer/General Manager Clive Fonseka, along with the Corporate and Executive Management team, special invitees, customers, and staff.

Established on 1 July 1961, People’s Bank has grown into one of Sri Lanka’s foremost financial institutions, with assets exceeding Rs. 3.7 trillion. The Bank operates over 750 branches across the country, employing more than 8,000 staff, and serving a customer base of 15.2 million – the largest of any commercial bank in the nation.

A pioneer in digital banking in Sri Lanka, People’s Bank currently serves over 3.5 million digital customers. As a responsible state-owned bank, it continues to provide essential financial services while making a significant contribution to the socio-economic development of the country. The Bank plays a vital role across multiple sectors including exports, education, healthcare, highways, infrastructure, tourism, and more. (Newswire)

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People’s Bank, Sri Lanka’s leading financial services provider, has announced its financial results for the year ended December 31, 2024, reporting a total consolidated operating income of LKR 145.1 billion and post-tax profit of LKR 28.8 billion, reflecting a growth of 49.9% and 152.7%, respectively. This included the benefit stemming from ISB restructuring which was fairly modest relative to peers.

Consolidated net interest income rose to LKR 122.9 billion during the year from LKR 67.8 billion in the same period 2023 – reflecting the timely pricing of assets & liabilities in line with changing market interest rates. As a result, consolidated net interest margins improved to 3.7% in 2024 from 2.1% in 2023. Consolidated net fees & commissions amounted to LKR 15.3 billion for the year – representing a growth of 10.5% – also a group all-time high. Total consolidated operating expenses amounted to LKR 75.7 billion (2023: LKR 62.2 billion).

Total consolidated customers deposits reached LKR 2,947.9 billion (end 2023: LKR 2,745.2 billion) whilst net loans were LKR 1,665.0 billion (end 2023: LKR 1,823.8 billion); being after the settlement of LKR 262.6 billion in loans granted to a sovereign backed state enterprise by way of treasury bonds. Excluding the said settlement, net loan growth was close to 5.7%. Total consolidated assets reached LKR 3,471.7 billion at end 2024 (end 2023: LKR 3,208.2 billion). 

The Bank’s total Tier I and Total Capital Adequacy Ratios were 10.9% and 16.5%, respectively on December 31, 2024 (end 2023: 12.4% and 17.4%) whilst, on a consolidated basis, it was 12.6% and 17.7% (end 2023: 13.7% and 18.2%). To save any doubt, these were after taking into account all prudential deductions; including those specifically relating to the sovereign-backed state-owned enterprise restructure which was taken in full all things prudent considered. In addition, the Bank’s solvency levels were augmented by the LKR 13.5 billion Basel III compliant Tier II debt issuance as undertaken during Q4-2024. 

Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Professor Narada Fernando, stated: “In 2024, the Bank made significant strides in several key areas, overcoming numerous challenges, particularly those stemming from the country’s prolonged macroeconomic difficulties. With many of the institution’s internal challenges now addressed, we look toward the future with optimism and a renewed sense of purpose. Our primary goal remains to support the government’s efforts in strengthening the national economy while maintaining consistent profitability as an independent institution.

“As we continue to navigate the complexities of a recovering macroeconomic environment, we remain committed to intensifying our efforts in several core areas. Foremost, on driving innovation across all aspects of our business, ensuring that we stay ahead of the curve in delivering cutting-edge financial solutions. Two, to strengthen collaboration, both within the organization and with external partners, thereby creating a more cohesive and agile approach to problem-solving. Three, to further promote financial inclusion so that all segments of society have the opportunity to participate in, and benefit from, the broader economy.

“Ultimately, our vision is to be the leading force in the banking and financial services sector, setting the benchmark for excellence in customer service, innovation, and contributions to national economic development. I would like to take this opportunity to express my sincere gratitude to our shareholders, including the cooperative societies, customers, employees, and all stakeholders for their unwavering support and trust. I extend my special appreciation to the Ministry of Finance and other officials for their support and cooperation extended on many fronts. Together, we have not only overcome challenges but have also built a foundation for long-term resilience and sustainable growth”

Commenting on the results, the Bank’s Chief Executive Officer/ General Manager, Clive Fonseka, stated: “Amidst unforeseen challenges, our team has once again exemplified extraordinary resilience, adaptability, and an unwavering commitment to excellence. The results we’ve achieved are not only the highest in the institution’s history but also a testament to our ability to make meaningful progress despite the many obstacles we’ve encountered along the way.

“By focusing on enhancing operational efficiency, elevating our customer experience, and making strategic investments in both technology and talent, we have laid the groundwork for sustainable, long-term growth. These efforts have strengthened our foundation, enabling us to swiftly adapt to evolving market conditions, refine our services, and continue delivering exceptional value to our customers and stakeholders.

“As we look to 2025 and beyond, we remain resolutely focused on our strategic priorities. While challenges are inevitable, particularly in a recovering macroeconomic environment, we are confident in our ability to navigate them with resilience and precision. By harnessing the full potential of our collective strengths and expertise, we are well-positioned to turn challenges into opportunities.

“With renewed energy and a clear, shared sense of purpose, we are excited for the future ahead. We remain steadfast in our belief that our ongoing efforts will drive us to even greater heights, securing our position as industry leaders and creating a lasting, positive impact for years to come.” (Newswire)

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Prof. P.N.D. Fernando officially took over as Chairman of People’s Bank today (18 Nov) at a ceremony held at the bank’s Head Office attended by CEO/GM of People’s Bank, Clive Fonseka and the bank’s senior management.

Prof. Fernando brings with him over 25 years of experience in finance, banking, and higher education. He has made notable contributions as a leading academic, having served as a Professor and Head of the Department of Finance at the University of Kelaniya. With an impressive teaching tenure of more than 27 years, Prof. Fernando is recognized for his pioneering work in the academic sector, where he introduced several innovative degree programs and played a key role in elevating the standards of financial education in Sri Lanka. As Dean of the Faculty of Commerce and Management Studies, he spearheaded numerous initiatives, including the successful acquisition of World Bank AHEAD grants and ISO 21001 certification for the Kelaniya MBA program.

In addition to his academic achievements, Prof. Fernando holds a PhD in Government Economics from Central China Normal University. He also earned an MBA from the West Bengal University of Technology through a prestigious Colombo Plan scholarship and holds an undergraduate degree in Business Management (Accountancy) from the University of Kelaniya.

Prof. Fernando has been a trusted consultant and resource person for leading financial institutions in Sri Lanka, such as the Colombo Stock Exchange and the Securities and Exchange Commission of Sri Lanka. 

On this occasion, Prof. Fernando expressed his gratitude for the opportunity to lead one of Sri Lanka’s most respected financial institutions. He emphasized his vision for People’s Bank, aiming to enhance digital transformation, drive customer-centric growth, and build a stronger, more sustainable banking network to support the evolving needs of the nation. (Newswire)

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