People’s Bank 2010 results impressive
Cabinet approval has been granted to present the Annual Report and
Accounts of People’s Bank for 2010 in Parliament. The performance of the
bank has been impressive and profit before tax last year has increased
by 44.5 percent compared to the previous year, Cabinet spokesman and
Media Minister Keheliya Rambukwella said.
Addressing the weekly Cabinet press briefing held at the Government
Information Department auditorium yesterday Minister Rambukwella said
the amount of deposits have shown a sharp growth.
Non-performance loan ratio has decreased from 6.7 per cent in 2009 to
5 per cent in 2010. The Cabinet commended the bank performance for 2010
for achieving its highest ever after tax profit in its 49 year history.
Minister Rambukwella said the UNP government was about to privatize
People’s Bank. They were about to privatize the bank in order to prevent
it from bankruptcy. In 2005 President Mahinda Rajapaksa stopped all
privatizations and saved the bank along with other state institutions.
Now the People’s Bank is running on its own without obtaining funds
from the Treasury. The bank progressed successfully during the past
years and doing well now.