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People’s Bank sees 21.6% net loan growth in 2020 

09 Mar 2021

[caption id="attachment_123674" align="alignright" width="589"] (From Left)People’s Bank Chairman Sujeewa Rajapakse, People’s Bank CEO/General Manager Ranjith Kodituwakku[/caption] People’s Bank yesterday (9) announced the results for its year ended December 31, 2020. The Bank reported a consolidated net loan growth of Rs. 315.7 billion, representing 21.6% year-on-year growth, and accounting for close to one-third of overall net sector credit extended during the period.  Close to two-thirds of credit was to the State and state-owned enterprises. Consolidated assets reached Rs. 2,400.6 billion, up 17.1% from Rs. 2,049.8 billion at end-2019, while its total deposits grew 21.8% to reach Rs. 1,935.2 billion from Rs. 1,588.9 billion at end-2019 – all of which marked institutional all-time highs. Of deposit growth, 53.8% stemmed from Current and Savings Accounts. From a Covid-19 moratorium perspective, the Group extended relief to 460,000 retail customers – the largest for any financial services provider – and over 21,000 businesses. Beneficiaries of such business relief included, amongst other, close to 10,500 three-wheel owners and 7,500 passenger transport service providers, in addition to other small businesses. In addition, the Group introduced multiple loan schemes at highly concessionary rates of interest.  It extended over Rs. 27.0 billion to revive Small and Medium Scale Enterprises, including Rs. 13.7 billion in Saubhagya loans, and over Rs. 10.0 billion to the agriculture sector. Over Rs. 780.0 million in credit facilities was extended to also support university students, teachers, actors, musicians, and other professionals, including to promote women entrepreneurship; much of which was during the latter half of 2020.  The Bank also extended over 9,000 home loan facilities amounting to over Rs. 105.0 billion, much of which, again, was during the last few months of 2020. All these measures saw consolidated net interest income drop by 5.3% to Rs. 74.4 billion, also reflecting consolidated moratorium interest concessions of over Rs. 5.0 billion.  Commenting on the results, People’s Bank Chairman Sujeewa Rajapakse stated: “Unlike in a typical year, our success in 2020 is not measured by a typical top line or bottom line but by our national value added and customer centricity which was at the heart of every decision making process. An ability to go above and beyond a time of need is what ultimately defines this institution and the individuals who run it.  “The above all said, our job is far from over. With the economy showing early signs of rejuvenation, and not complacent with any of our previous successes, we remain conscious of the challenges that still lie ahead but look forward to the future with a great degree of hope and optimism.”  People’s Bank CEO/General Manager Ranjith Kodituwakku noted: “2020 was an out of the ordinary year on many fronts. Operationally, it was the year which put digital and technological capabilities of all institutions alike, and their contingency plans, to the ultimate litmus test. It was also the year which held customer centricity to account.  “Our delivery on these many fronts remains best described in our ability to keep over 70% of branches open during even the peak of the lock down, an ability to be the first to facilitate credit relief to customers no sooner made known by the regulator and an ability to mobilise deposits and disburse loans in a time and manner previously undone.  “In addition, the depth and breadth of People’s Bank’s operating and support service platforms considered, an ability to ensure over 99.0% uptime is maintained consistently without exception across all its platforms an ability to process over Rs. 1.0 trillion in transaction volumes including through digital speaks for the Bank’s abilities and capabilities both human and technological.”

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