People’s Bank yet again ranked amongst World’s Top 1000 Banks

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 Chairman Sujeewa Rajapakse stated, “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 recognised 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 its efforts and to help the country’s internal ecosystem move forward.” 

Commenting on the ranking, People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku stated, “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 the 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 Rs.3.0 trillion in total assets, Rs.2.3 trillion in total deposits and Rs.1.8 trillion in customer advances. 

At March 31, 2022, the bank’s Tier I and total capital adequacy ratio were respectively, 11.04 percent and 15.72 percent, which was the highest amongst peers (end-2021: 12.6 percent 
and 17.83 percent).