People’s Bank gets positive rating

The People’s Bank was recently affirmed an A-(lka) National Long-term rating by Fitch Ratings Lanka.

The Bank has been commended on its significantly improved profit levels, and enjoys a ‘positive outlook’ on the rating.

The Bank is also looking forward to the continuing recapitalisation plan by the Finance Ministry.

The Bank has already received Rs. Two bn and Rs. One bn in 2005 and 2006 and expects a further Rs. Two bn in 2007 and Rs. 1.5 bn in 2008.

The People’s Bank has taken significant steps in forming a corporate governance ethic over the last few years to ensure that levels of accountability and economic efficiency remain high.

The key stakeholders of People’s Bank, being the Government, customers, employees and the public require the Board of Directors, in its capacity as the agents of the owner, to safeguard the interests of the Bank.

Rebuilding the Bank’s capital base, ensuring sustainable profitability and enhancing stakeholder value are of high importance and inform all management decisions and operational activities.

The Bank has adopted the Central Bank’s Voluntary ‘Code of Best Practices - Corporate Governance for Banks’ issued in 2002.