People’s Bank rated ‘AA’ by Lanka Ratings Agency

People’s Bank has been assigned ‘AA’ rating by Lanka Rating Agency (LRA), reaffirming its status as the leading financial institution in Sri Lanka. 

This rating reflects the bank’s solid financial foundation, strong capitalisation, and prudent management, all of which contribute to maintaining the trust of its customers, stakeholders, and the public. 

Achievement of this rating amidst a challenging economic environment serves as a testament to People’s Bank’s unwavering commitment to excellence and stability.

People’s Bank’s AA rating is driven by its significant market share in the banking sector, representing over 14 percent of the industry’s total assets and over 17 percent of the sector’s total advances.

As a Domestic Systemically Important Bank (DSIB), People’s Bank plays a critical role in the country’s financial system, with a clear commitment to providing secure and reliable banking services to individuals, businesses, and government institutions.

The bank’s strong liquidity profile, with a notable improvement in the liquidity coverage ratio (LCR) to 257 percent at the end of March 2024, reflects its resilience in challenging market conditions. 

Commenting on this achievement Chairman Sujeewa Rajapakse  said, “Our majority government ownership, coupled with our prudent risk management practices, enables us to continue delivering financial security and peace of mind to our customers. 

We remain committed to strengthening our capital base and enhancing the Bank’s long-term financial sustainability.”

CEO/GM Clive Fonseka added, “This AA rating is a reflection of the dedication and hard work of our team, as well as our strategic focus on improving the financial health of the bank. We have consistently maintained a solid liquidity profile and diversified deposit base, allowing us to weather economic challenges while continuing to offer reliable and innovative banking solutions to our customers”. 

Our focus remains on growing our customer relationships while ensuring the safety and stability of the Bank.”

Head of Finance Azzam A. Ahamat commenting on the latest milestone commented, “The AA rating by LRA ultimately attests to the bank’ the financial strength and its innate ability to successfully deal with multiple challenges head-on whilst effectively managing its enterprise risks. All matters and circumstances considered, we remained focused on expanding our balance sheet in a measured manner whilst ensuringto continuously maintain strong liquidity and capital buffers which are both core to our strength and stability. We believe that our focus on ensuring continuous improvements across all our core operating and financial metrics will ensure the Institution’s long-term all round success”