People's Bank

Legal Status and Ownership

People's Bank is a fully state-owned financial institution operating in Sri Lanka. It was established under the legislative framework of the People's Bank Act No. 29 of 1961, which defines its legal identity and operational mandate within the country's banking sector.

The entirety of the bank's ownership is vested in the Government of Sri Lanka. The government holds all 25,730,000 ordinary shares, confirming its status as a 100% government-owned entity.

History and Market Position

The bank commenced its operations in 1961. It has since become a significant participant in the Sri Lankan financial landscape.

Further specific details regarding the bank's historical development and key milestones since its founding are not available in the provided source documentation.

People's Bank is recognized as a leading government bank within Sri Lanka's competitive banking industry. This market standing is supported by its National Long-Term Rating, which was upgraded by Fitch Ratings to 'AA-(lka)'.

Financial Performance and Scale

As of December 31, 2024, the bank's total assets were valued at Rs. 3,297.8 billion. On the same date, its portfolio of gross loans and advances to customers stood at Rs. 1,671.18 billion.

The institution's capital base remains robust. At the bank level, Common Equity Tier 1 (CET1) capital was recorded at Rs. 213.97 billion, while its Total Capital amounted to Rs. 295.84 billion as of the end of the 2024 financial year.

Specific figures for the bank's total customer deposits and its total Profit After Tax (PAT) for the latest reporting period are unavailable in the supplied fact sheet. However, its Pre-Provisioning Operating Profit (PPOP) for the year 2024 was Rs. 75.5 billion. For the period ending June 30, 2025, the bank's profit per employee was Rs. 4.85 million, an increase from Rs. 3.29 million in the previous year.

Products and Services

The bank provides a range of deposit products for everyday banking needs. These include standard savings and current accounts, as well as foreign currency accounts and fixed-term deposits for individuals and businesses.

Its lending portfolio is extensive, catering to diverse customer segments. Loan products include financing for housing, professional development, education, and vehicles. For the commercial sector, it offers corporate, SME, and microfinance loans, alongside specialized credit facilities for agriculture, co-operative societies, and business revival initiatives.

In addition to core banking, People's Bank offers a suite of supplementary financial services. These include the issuance of debit and credit cards, provision of merchant services for businesses, facilitation of foreign remittances, and access to treasury services.

Network and Operations

The bank maintains a significant physical presence across Sri Lanka. As of December 31, 2024, its operational network consisted of 584 branches. The total number of employees at the same date was 8,214.

Digital Banking Services

People's Bank provides a set of digital platforms to facilitate remote banking. The institution offers mobile banking applications for both personal and corporate clients. It also provides separate internet banking portals for personal and corporate users. A mobile wallet service is also listed among its available digital products.