People’s Bank, Sri Lanka’s leading Commercial Bank, was recently ranked once again amongst the World’s Top 1000 Banks by the prestigious Banker Magazine UK. The ranking cements People’s Bank’s position as one of the leading Banks on the planet. Founded in 1926 and read in over 180 countries, the Banker Magazine is a publication owned by the Financial Times in London. Its Top 1000 ranking is primarily based on Consolidated Tier I.
Expressing his views on the ranking, People’s Bank’s Chairman Mr. Sujeewa Rajapakse stated that, “These are extraordinary times facing the country with headwinds many fronts including the knock on effects following two years of the COVID-19 pandemic. Amidst such a challenging environment, People’s Bank being recognized amongst the World’s Top 1000 Banks yet again is an extraordinary feat. It underscores its consistent and robust delivery even amidst adversity and attests to its standing not only locally but also globally. Looking ahead, despite the many challenges, People’s Bank remains focused on taking every reasonable measure necessary to support the Government in their efforts and to help the country’s internal eco system move forward”
Commenting on the ranking, People’s Bank’s Chief Executive Officer/General Manager Mr. Ranjith Kodituwakku stated that: “The challenges facing Sri Lanka and the Banking system are clearly unlike any seen before. That said, against such a backdrop, to be ranked once again amongst the World’s Top 1000 is testimony to People’s Bank’s inherent strength and its resilience even amidst out of the ordinary circumstances. Looking ahead, we have allocated greater resources to support Small and Medium Scale Enterprises and certain other economy critical market segments. On an operational front, we continue to invest in technology in all our core areas of our business and remain committed to continuously strengthening every aspect of the Bank’s platform”
The Banker Magazine’s World’s Top 1000 Banks are compiled annually from a database of over 5,000 of the world’s biggest banks and the ranking is considered to be one of the most comprehensive guides to identify the strongest banks in the world. The magazine analyses results by region, country and benchmark bank-to-bank while also using its best-performing bank methodology to help readers identify the banks’ strengths and weaknesses compared to its peers.
People’s Bank currently has close to LKR 3.0 trillion in total assets, LKR 2.3 trillion in total deposits and LKR 1.8 trillion in customer advances.
At March 31, 2022, the Bank’s Tier I and Total Capital Adequacy Ratio were, respectively, 11.04% and 15.72% which was the highest amongst peers(end 2021: 12.6% and 17.83%).
People’s Bank is the country’s Premiere Licensed Commercial Bank with Sri Lanka’s largest banking footprint composed of 743 branches and service centers. With a history spanning 61 years, the Bank benefits from a staff strength of close to 8,000 who tirelessly and diligently serve more than 14.5 million customers and close to 19.0 million account relationships, which is by far the largest for any financial services provider in the country. Established under the People’s Bank Act No. 29 of 1961, the Bank carries a National Long-Term Rating of “AA-(lka/Rating Watch Negative)”; by Fitch Ratings Lanka Ltd.