People's Bank revenue tops Rs 1trillion

The People's Bank ended 2014 on a record-breaking note, notching a balance sheet that hit the Rs 1 trillion mark and improving its overall performance.

The achievements were due to a series of pragmatic initiatives that People's Bank infused into the way it does business.

The Bank's achievements throughout the year cemented the recognition as the Service Brand of the Year and Banking Service Provider of the Year awards it won at the SLIM-Nielsen People's Awards for the eighth consecutive year.

Having recently been accorded the triple accolades of Bank of the Year 2014 at The European - Global Banking and Finance Awards 2014 and Best Banking Group in Sri Lanka and Most Sustainable Bank in Sri Lanka at the World Finance Banking Awards 2014, the Bank has continued to break boundaries and look beyond horizons to take the nation into an era of becoming a strong economic hub in the Asian region, while retaining the pulse of the people. The People's Bank strongly believes that its role in developing the nation and her people is crucial, and takes it seriously.

As a State bank it has an immense responsibility to ensure that the trust and confidence the stakeholders have in the bank continues. This means empowering people to become competitive and self reliant.

The People’s Bank has an extensive network of over 739 branches, which is the largest in the country and access to a ATM network of 2,500.

The bank values its competent team of over 11,000 as being the core formula for success.

The People’s Bank is accessible and approachable anywhere and this means even overseas, through its correspondent banking network spanning 110 countries.

This is the dynamic that has enabled the bank to collate one of the largest savings deposit bases in the country, over Rs 300 billion.

The Bank's overseas presence serving Sri Lankan expatriates saw its foreign remittances exceed the US $1 billion milestone in 2014.

For the People’s Bank it is vital that the Bank's ethos goes beyond numbers and into truly knowing the pulse of the people.

The Bank's products and services portfolio has always been a strength in formulating the blueprint for our success and remains acutely cognizant of changing paradigms in stakeholder aspirations and the responsibility the bank possess in meeting those aspirations.

Having achieved its ambitious targets detailed in the last strategic plan, People's Bank is in the process of formulating and developing a strategic plan for the next five years.

For the Bank, the next five years is crucial as it will be for the entire country.

The bank has mapped out a journey and it is the responsibility of corporate leaders such as the People’s Bank to drive that journey.

The Bank has set the foundation for that journey and the trusses are strong and sustainable.

The People's Bank sees itself growing phenomenally and this growth will be linked to the country's growth, which permeates to people's growth and development.

It foresees immense opportunities ahead of it and having now honed it’s strengths to exploit those opportunities, the People's Bank will ink more impressive chapters in the nation's tome of becoming the Wonder of Asia.

With a portfolio of products and services that are extensive, expansive and billed to touch a person from cradle to twilight years, 2014 saw the Bank unveiling another slew of products that adds impetus to meeting stakeholder aspirations.

‘People's Relax’ offers youth a plan to make their golden days relaxing and memorable with a steady monthly income, ‘I Can Save’ under the popular Sisu Udana children's savings account aims at inculcating the savings habit among children, People's Nirogi with Lanka Hospitals which extends exclusive medical benefits through People's Visa credit and debit cards, Loan facilities for specified festive seasons.

Augmenting its emphasis on technology, convenience, efficiency and speed, a number of e-banking initiatives including payment of CEB electricity bills via mobile banking, were some of the products launched during the year.

There were also initiatives designed to foster better financial management and savings awareness among the various stakeholders including the promotion of the YES Season aimed at youth saving with their YES accounts, Avurudu Ganu Denu initiatives and using the empowering features of International Women's Day to introduce an investment planner for Vanitha Vasana account holders.

The Bank also re-launched some of its products with added benefits, including the People's Wisdom education loan supporting youth knowledge development, People's Professional Loan encouraging professionals to follow their dreams and People's Auto Loan.

The Bank has placed great intensity on sustainably uplifting the micro and SME sectors in Sri Lanka which are poised to take the country towards achieving its Vision 2020 target.

This has led the Bank to launching 23 dedicated SME centres islandwide and extend micro finance facilities to entrepreneurs.

These facilities include training and development through the People'sBank Micro Finance Village Concept which builds and supports entrepreneurs across 239 micro finance villages islandwide.

The Bank firmly believes in economic and social inclusiveness, working with communities to ensure that national unity, equality and a common vision is shared by all. This led to People's Bank funding the restoration of the Kodikamam railway station, a link in the Yal Devi's North to South railway journey and presenting e-learning educational software, Isuru Udana Padam Sellam to create a knowledge gaining culture among young students.