People’s Bank recorded its financial results for the year ended December 31, 2024 reporting total consolidated operating income of Rs. 145.1 billion and post-tax profit of Rs. 28.8 billion, a growth of 49.9% and 152.7%.
This included the benefit stemming from ISB restructuring which was fairly modest relative to peers.
Consolidated net interest income rose to Rs. 122.9 billion during the year from Rs. 67.8 billion in the corresponding period 2023 – reflecting timely pricing of assets and liabilities in line with changing market interest rates. As a result, consolidated net interest margins improved to 3.7% in 2024 from 2.1% in 2023.
Consolidated net fees and commissions amounted to Rs. 15.3 billion for the year – representing a growth of 10.5% – also a group all-time high. Total consolidated operating expenses amounted to Rs. 75.7 billion (2023: Rs. 62.2 billion).
Total consolidated customers deposits reached Rs. 2,947.9 billion (end 2023: Rs. 2,745.2 billion) while net loans were Rs. 1,665.0 billion (end 2023: Rs. 1,823.8 billion); being after the settlement of Rs. 262.6 billion in loans granted to a sovereign backed state enterprise by way of treasury bonds. Excluding the said settlement, net loan growth was close to 5.7%. Total consolidated assets reached Rs. 3,471.7 billion at end 2024 (end 2023: Rs. 3,208.2 billion).
The Bank’s total Tier I and Total Capital Adequacy Ratios were 10.9% and 16.5%, at December 31, 2024 (end 2023: 12.4% and 17.4%) while, on a consolidated basis, it was 12.6% and 17.7% (end 2023: 13.7% and 18.2%).
These were after taking into account all prudential deductions; including those specifically relating to the sovereign backed state-owned enterprise restructure which was taken in full all things prudent considered. The Bank’s solvency levels were augmented by the Rs. 13.5 billion Basel III compliant Tier II debt issuance as undertaken during Q4-2024.
