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| Sunday, 19 December 2004 |
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| News Business Features Editorial
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People's Bank on top People's Bank has recorded an impressive profit or Rs1.828 billion for the first 9 months ending September 2004, as against a comparative value of Rs 1.592 billion in the previous year. This represents a 14.8% growth over the comparative value recorded in the year 2003. The results for the current year have been positively impacted by a lower value of provisions for loan losses than that of the previous year. In addition it needs to be stated that People's Bank implemented the Central Bank's hair cut provisioning level for the diminishing value of securities relating to Non Performing Loans, ahead of the actual implementation date. As a result full provisioning has been made for non performing loans of the bank as at date. The non performing loans ratio for the bank has now been reduced from 18% as at the end of prior year to 15% as at September 2004, with 82% of the value of the non performing loans that are out-standing having a cash cover by way of a charge made to the bank's Profit and Loss account. The balance of securities relates to tangible property mortgages etc, which are held by the bank. |
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