Sri Lanka's best domestic bank 2022: People's Bank
Sri Lanka has had a rough 12 months, buffeted by a combination of the Covid-19 pandemic, economic shocks and political turmoil. But People’s Bank managed to navigate the choppy waters well, winning Asiamoney’s award for best domestic bank in the country for 2022.
The bank, led by chief executive Ranjith Kodituwakku, recorded a 23% annual growth in total assets to SLRs2.7 trillion ($7.5 billion) in 2021. Profits after tax jumped to SLRs23.7 billion, representing year-on-year growth of nearly 70%.
Sri Lanka’s largest commercial bank also increased its customer base to more than 14 million – quite an achievement considering the population is just below 22 million.
The state-owned bank’s mobile service reached its own milestone last year, covering more than 1,000 rural towns. The lender boasts over 1.7 million digital customers across the island.
This extensive reach proved a powerful conduit for disbursements of government aid as Covid-19 spread and surging inflation fuelled social instability.
People’s Bank was among the first financial institutions to roll out the Central Bank Relief Programme last year.