People's Bank targets Rs 8 b profit

Harshini PERERA

The total deposits of the People's Bank amounted over Rs 422 billion which is expected to exceed to Rs 450 billion by the end of this year.

Stability has been created in relation to financial institutions and banks with the assistance and supervision given by the Central Bank of Sri Lanka (CBSL).

The People's Bank contributes to the country's economy by releasing Rs 342 billion as loans. The bank had a net profit of Rs four billion for the first half of this year. It hopes to reach Rs eight billion at the end of this year, a senior People's Bank official told Daily News Business.

The People's Bank is the market leader in advances against gold jewellery. It has allocated more than Rs 110 billion for agricultural, industrial, fisheries and other productive purposes.