People's Bank continues impressive performance in 2007

People's Bank recorded its sixth continuous year of impressive performance in 2007. The Bank's audited financials show profit before taxation reaching its highest of Rs. 5 bn in the 2007 financial year, whilst profit before tax for the group exceeded Rs. 6bn.

Profit before taxation recorded a growth of 22.6% over 2006. People's Bank's contribution to the Government in the form of taxes and levies increased by 48% to reach Rs. 6.2bn, compared to Rs. 4.2bn in 2006. In spite of this, the Bank's capital funds now amount to Rs. 13.2bn up from Rs. 10.3bn in 2006.

The Bank had a successful year in relation to deposits, with total deposits reaching Rs. 301bn, whilst total assets reached Rs. 381bn, a growth of 11% and 12% over the previous financial year.

The second phase of People's Bank's restructuring drive based on the development plan initiated in 2001 which completed three years, was an outstanding success for the Bank.

The Bank's IT platform has 504 branches and service centres linked for online transactions.

The Bank has 190 ATMs, including a mobile ATM, reaching customers in remote areas.

The restructuring strategies of the Bank focused towards credit recovery. To accelerate the recovery of longstanding non-performing loans, the People's Bank implemented a vigorous recovery plan across the country.