September, 18, 2020
The International ARC Awards in New York, USA - considered the Academy Awards for annual reports by the financial community - recently awarded People’s Bank the prestigious “Best in Sri Lanka Award” for its 2019 Annual Report titled “the Frontier”. In addition, the Bank was the recipient of a grand haul of other awards which included:
Commenting on the awards, the Bank’s Chairman Mr. Sujeewa Rajapakse stated that: “To be amongst the Top 50 Grand Award Winners in the World for their 2019 Annual Reports - from over 1,690 submissions across over 29 countries following a multi-tiered independent evaluation process by a panel of 30 plus distinguished judges - is indeed a source of great pride. Since its inauguration in 1961, the Bank has endeavoured to go where no institution has previously gone, serve communities previously under-served and has provided banking access for the benefit of its customers in a manner yet to be matched. Its efforts during the peak of the COVID-19 lockdown further echoes this frontier spirit, which is best illustrated by the Bank’s quantitative sacrifices and its qualitative contributions made during this period which were all purely aimed at preserving national economic interest - which is at the heart of all its priorities at this crucial juncture. Our efforts during this unprecedented time should, and will, be best remembered by its contributions made for the overall well being of the country’s balance sheet rather than its standalone performance”
Commenting on the awards, its Chief Executive Officer/General Manager Mr. Ranjith Kodituwakku stated that: “The awards are a reaffirmation of our unrelenting drive to be the frontier in every aspect of our business. Our 2019 Annual Report tells the story of this drive to push the boundaries of success and performance even amidst challenging circumstances. During the first half of 2020, the Bank’s earnings were under pressure due to an estimated of over LKR 5.0 billion in one-off interest concessions extended as relief for the benefit of its customers along with prudent provisions taken in view of the unforeseen. That said, with much of the prudent provision taken and considering the Bank’s strong credit, CASA and overall balance sheet growth coupled with the progress made on several other fronts, it is only reasonably expected to close the year comparatively on a stronger footing even from a bottom line perspective”
Established under the People’s Bank Act No 29 of 1961, People’s Bank is the country’s second largest financial services provider with over LKR 2.1 trillion in consolidated assets and accounts for close to 16.0% of Banking sector assets. At present, the Bank benefits from 741 branches and service centres located island wide and over 14 million customers - either of which the industry’s largest. As per the Banker Magazine (UK), People’s Bank is amongst the Top 1000 Banks in the World in terms of Consolidated Tier I. It is also the beneficiary of numerous awards and accolades both locally and internationally including for its digital initiatives.