People’s Bank has recorded a 150% increase in its profit-after-tax (PAT) in 2024, recording Rs. 25.3 billion as opposed to Rs. 10.1 billion recorded in 2023, the Ministry of Finance said.

Speaking in Parliament yesterday (5), Finance and Planning Deputy Minister Dr. Harshana Suriyapperuma said that People’s Bank has recorded a PAT of Rs 25.3 billion in 2024 after recording Rs. 10.1 PAT in 2023.

Moreover, he said that the bank has increased its return on investment (ROI), to 14.7% in 2024 from 6.6% in the previous year.

The administration cost of the state bank has increased by Rs. 1 billion in 2024 to Rs. 27.2 billion while the lending margin rate has increased to 3.4% in 2024 from 1.8% in 2023.

He also added that the administration cost as a percentage of the lending rate has increased to 7.8% in 2024 from 6.6% in 2023.

Furthermore, Suriyapperuma said that the total paid-up capital by the bank by the end of January stood at Rs. 12,202 million.

At the end of the first nine months of 2024, People’s Bank reported a total consolidated operating income of Rs. 75.4 billion and PAT of Rs. 6.4 billion.

Consolidated operating income and PAT excluding the impact of exceptional adjustments given greater prudence, considering the then yet-to-be-finalised debt restructuring initiatives, on a normalised basis these figures were otherwise Rs. 101.5 billion and Rs. 20.2 billion, respectively.