Economic
Reports consolidated post-tax profit of Rs. 7.4 b for Q1-22
Maintains industry’s highest CAR of 15.7% on a bank solo basis and 16.1% on a Group basis at 31 March 2022
Consolidated assets, deposits and customers advances expand by 10.6%, 6.2% and 1.1% to reach Rs. 3.1 t, Rs. 2.3 t and Rs. 2.0 t respectively
Overall operating costs maintained at near Q1-21 levels despite inflationary pressures
Bank further strengthens its digital reach where over 70.0% of all customer transactions are now carried out digitally as compared with 64.0% at end Q1-21
People’s Bank today announced the results for the quarter ended 31 March 2022 with consolidated total operating income growing by 51.9% to reach Rs. 42.6 billion, whilst total operating expenses increased by only 0.3% to Rs. 13.1 billion despite inflationary pressures; reflecting sound cost control and efficiency improvements being undertaken on an ongoing basis.
Consolidated pre-tax profit amounted to Rs. 11.0 billion; representing a growth of 9.8% over the same period of 2021.
Net interest income, which accounted for 71.4% of the Group’s total operating income during Q1-22, grew by 29.2% to reach Rs. 30.4 billion reflecting both asset growth and net interest margin improvements to 4.1% from 3.6% in Q1-21.
Excluding the Rs. 3.4 billion in foreign exchange net gains recognised during the period as a result of the rupee devaluation, non-interest-based income accounted for over 20.0% of total consolidated operating income during Q1-22 as compared with 13.0% in Q1-21; reflecting efforts to also improve other sources of income.
From a cost to income perspective, primarily reflecting top line growth and cost control, the Group’s cost to income ratio was 38.2% during Q1-22 as compared with 54.9% during the same period of 2021.
Consolidated impairment charges rose during the period reflecting macro-economic developments, including – amongst other – the negative impact arising from the rupee devaluation and the higher expected credit losses from key customer segments of the Group.
Consolidated profit after tax was Rs. 7.4 billion, dropping by 12.9% over the same period 2021 whilst, on a bank standalone basis, profit after tax was Rs. 5.5 billion up 1.1% over Q1-21. Consolidated return on assets was 1.48% during the period as compared with 1.42% during Q1-21.
The Government has given permission to individuals who maintain private fuel reserves to import stocks of fuel including diesel.
Says following restrictions imposed on payment terms and introduction of the exchange rate determination mechanism, there has been significant moderation of activity in grey market resulting in forex inflows routing through banking system
Essential Food Commodities Importers and Traders Association assures CBSL it would not resort to engage in grey market activity
Preliminary assessment underway to identify availability of stocks of essential goods at present and monthly requirement
CBSL humbly requests trading community and public to act responsibly
Says over-importation and stock piling and any over-purchasing would be undesirable
Stresses duty of all stakeholders to manage scarce foreign exchange liquidity in a calculated manner
Business leader Dhammika Perera has unveiled 12 strategies that can boost much-needed dollar earnings and help Sri Lanka come out of the prolonged foreign exchange shortage which has triggered an economic crisis leading to political instability and social unrest.
ආර්ථික අර්බුදයට විසදුම් ලබාදිය හැක්කේ රටේ ආර්ථිකය අපනයන ආර්ථිකයක් බවට පත් කිරීමෙන් පමණක් බව මහ බැංකු අධිපති ආචාර්ය නන්දලාල් වීරසිංහ පවසනවා.
Reinforcing its strategic shift to value-added agriculture Diesel and Motor Engineering PLC (DIMO) has acquired a fruits and vegetable export firm for Rs. 450 million.
Shrugging off concerns raised by various parties that the restrictions imposed on Open Account Payment Terms would lead to a large-scale shortage of essential food items, the Central Bank yesterday assured the public that it would ensure availability of foreign exchange through the banking system for the importation of essential goods, including food items.
Total Assets base up 10% to Rs. 4.2 t 9% growth propels deposit base to over Rs. 3 t mark
Total Loans and advances reached to Rs. 2.4 t, lending to private sector up 7%
Net Interest income up 68% to Rs. 39.8 b
Pre-tax profit down by 40% to Rs. 8.9 b
Depreciation of rupee forces BOC make additional provision of Rs. 19.4 b for foreign currency denominated loans and advances and
Rs. 8 b for increase in credit risk and changes in ECL factors
The Colombo stock market saw a lacklustre week with weak investor sentiment prompting indices to close on a mixed note.
Refutes claims of industry facing issues in releasing products to market, procuring raw materials
In Q1 exports up 10.8% to
$ 1.5 b, while April earnings up 22.12% to $ 445.79 m
Says export firms among prioritised list of services to receive fuel from specific stations
Notices a drop of 20% orders for July and August, but hopeful fresh orders will return during fall season
President Gotabaya Rajapaksa on Saturday assured Governor Dr. Nandalal Weerasinghe that the Central Bank will be fully supported to conduct its duties independently. He gave this assurance during a meeting with Dr. Weerasinghe and Monetary Board member PC Sanjeewa Jayawardena.
The Parliamentary Council decided to concur with the recommendation to reappoint Nihal Fonseka as a member of the Monetary Board of the Central Bank of Sri Lanka.
ශ්රී ලංකාවට සහය ලබාදීම සම්බන්ධයෙන් ජාත්යන්තර මූල්ය අරමුදල සිය ස්ථාවරය ප්රකාශයට පත් කර තිබෙනවා. එමඟින් ජාත්යන්තර මූල්ය අරමුදල පවසන්නේ ආර්ථිකය ප්රතිව්යුහගත කිරීමේ නව වැඩපිළිවෙල සම්බන්ධයෙන් පැහැදිලි අවබෝධයක් ලැබුණු පසු ශ්රී ලංකාවට සහය ලබාදීමට සූදානම් බවයි.
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