PB launches strategic plan
The People's Bank launched the strategic plan for 2009-2014 using
technology as a key driver and equipping the team with appropriate
training and skills to achieve its goals, said CEO, General Manager,
People's Bank, P.V. Pathirana.
He was addressing a ceremony on Thursday to mark the Bank's financial
achievements in 2008.
Customer centric
Pathirana said the focus of the strategic plan has been to create a
customer centric and performance oriented culture.The second phase of
the bank's restructuring drive based on the strategic plan in 2001 was
completed last year.
"Despite a challenging global business environment the bank
performance last year was noteworthy as it posted a pre tax profit of Rs.
5.6 billion, a 13.2 per cent increase from the previous year's Rs. 5
billion profit", he said.
The bank's capital adequacy ratio of 10.5 per cent was another
landmark achievement last year.
The bank contributed around Rs. 7.4 billion by way of taxes and
levies to the government.
The capital funds of the bank now amounts to Rs. 15.9 billion up from
Rs.12.9 billion over the previous year.
This was contributed by a capital injection of Rs. 1.5 billion by the
government and substantial retained earnings despite high taxation and
returns to the government.
Immense potential
He said there is immense potential for growth in the North and East
which have not been involved in the country's mainstream economy. The
government's reconstruction and rehabilitation program in the two
provinces have been mapped out with allocation of funds.
" The bank while being on track where the 1 per cent General
Provision regulation of the Central Bank is concerned it is mindful that
the Basel 11 came into effect last year and the new accounting and
auditing standards that will come into force by 2010", Pathirana said.
People's Bank added feathers to its cap last year by winning the
coveted ' Banking and Financial Services brand of the Year' award for
the third consecutive year and Service Brand of the year 2008. |
