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Government Gazette

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.

 

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