May 24, Colombo: People's Bank, which has completed 46 years of service, recorded its sixth continuous year of impressive performance in 2007.

The Bank’s audited financials show profit before taxation reaching its highest of Rs. 5 billion in the 2007 financial year, while profit before tax for the group exceeded Rs. 6 billion. Profit before taxation indicated a growth of 22.6% over 2006. It should be noted that People’s Bank’s contribution to the Government of Sri Lanka in the form of taxes and levies increased by 48% to reach Rs. 6.2 billion, compared to Rs. 4.2 billion in 2006. In spite of this, the Bank’s capital funds now amount to Rs. 13.2 billion, up from Rs. 10.3 billion in 2006.

The Bank has had a successful year in relation to deposits, with total deposits reaching Rs. 301 billion, while total assets reached Rs. 381 billion, posting a growth of 11% and 12%, respectively, over the previous financial year.