People's Bank 3Q PAT grows 7.5%
Having ended 2014 on a high note, not only surpassing Rs 1 tn Balance
Sheet but also amassing a number of global accolades, the third quarter
results for People's Bank points towards the closing of a successful
year by end 2015.
Having gained the best results ever posted in any 3Q by the Bank, all
key performance indicators notch consistent growth paradigms, a
testament to People's Bank's commitment to maintain an ethos of
stability, strength and sustainability.
Profit Before Tax 3Q, therefore, stands at Rs 12.5 bn, well above the
Rs 11.5 bn notched in the corresponding period last year with 8.5%
growth.
Similarly, Profit After Tax also had a YoY growth of 7.5%, to post an
impressive Rs 8.9 bn in profitability. This is compared to Rs 8.3 bn
last year.
Chairman Hemasiri Fernando said that the Bank's emphasis on being the
pulse of the people has been the underlying tenet for success.
"Balance sheet growth has maintained its phenomenal upward trajectory
to stand at Rs 1.1 Tn, which shows the prowess we possess and the
financial stability we have retained. Our Group too has done
exceptionally well, showcasing PBT of Rs 16.9 bn compared to Rs 15.3 bn
last year, reiterating that we have astutely mooted businesses within
our Group that are sustainable and aligned with macro growth paradigms."
People's Bank's accent on being accessible and available to a wide
demographic through nearly 740 branches and one of the largest ATM
networks of over 2,500 well spearheaded by a team who take customer
service to new realms has seen deposit mobilization continuing with its
upward trajectory.
Total Deposits hence have grown by 9.6%. While the CASA Ratio stands
at a prudent 47.3%, total deposits reached Rs 869.8 bn and the savings
deposit portfolio, which yet stands as the largest in the country, is an
impressive Rs 363.3 bn 3Q. Growth notched in savings deposits is a
commendable 13.9% for the period December 2014 to September 2015.
General Manager and CEO N. Vasanthakumar said, "The fact that we were
able to increase our loan income and garner low cost deposits that
enabled business growth is surely one of the positive dynamics that
enabled us to showcase the good results."
He said net interest income growth stands at 62.5%, up from Rs 19.9
bn last year to Rs 32.4 bn this year, while total gross loans grew by
18.4% to Rs 811.4 bn. Return on Assets (before tax) is 1.5% while Return
on Equity is 25.7%.
Having amassed a number of internationally prestigious awards
including Bank of the Year at the European Global Banking and Finance
Awards for two years consecutively and adjudged Sri Lanka's Best Banking
Group and Most Sustainable Bank at the World Finance Banking Awards also
for two years consecutively, Vasanthakumar points to People's Bank's
deeply embedded values and ideals as being the fundamental for its
success.
"We have never believed in being complacent," he said. "We've always
been a pioneer and because of this, we are on constant quest to raise
the bar.
This means that from our service standards, to network reach for
greater accessibility, to innovative products and services, People's
Bank is always striving to be the best. Into this equation, we have
augmented our IT platform, where our 16 million customers are given
products and services in real-time.
We recognize that the entire world is moving into a digital age and
that means that we must be up in front, leading the way.
State of the art IT initiatives are already being implemented on a
sophisticated framework which undoubtedly will soon make People's Bank
the Most Digitalised Bank in Sri Lanka." |