DOCSLIB.ORG

About the REPORT

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
About the REPORT ABOUT THE REPORT n our Annual Report this year we focus on our key stakeholders – our Depositors, Borrowers, Owner, Employees, Community and Regulator, the key institutions and persons behind the Bank's success and how we have evolved to serve their diverse needs over 50 years of banking operations. In an age where annual reports tend to constitute a complex fabric of involved data and financial jargon, which deny the average stakeholder the right to a simple and proper appreciation of its value and purpose, People's Bank has endeavoured to make its report simple and highly readable, whilst being informative. We are confident this Report will offer the reader a sound understanding as regards to the evolution of the Bank over its 50 year history and an appreciation of the diligence with which we pursued and achieved a record performance in 2011, thus positioning the Bank as an undisputed leader in the Sri Lankan financial landscape. It is our sincere wish that readers will derive as much satisfaction from reading this Report as we did in producing it. As in previous years Sinhala and Tamil versions of this Annual Report are in production and will be available before June 2012. REPORT CONTENT OPERATIONAL HIGHliGHTS ..................................006 FinAnciAL HIGHliGHTS ..................................007 CHAirMAN’S MEssAGE ..................................008 CHIEF EXECUTIVE OfficER/GENERAL MANAGER'S REVIEW ..................................012 BOArd OF DirECTOrs ..................................020 COrpORATE MANAGEMENT ..................................024 EXECUTIVE MANAGEMENT ..................................032 ZONAL MANAGEMENT ..................................037 BUsinEss REVIEW ..................................040 FinAnciAL REVIEW ..................................056 COrpORATE REspOnsiBiliTY ..................................069 OUTlinE OF OUR REPORTinG IniTIATIVES ..................................076 A PicTOriAL ViEW OF 2011 ..................................080 COMpliAncE REPORT ..................................086 COrpORATE GOVErnAncE ..................................088 RisK MANAGEMENT ..................................124 KEY PErfORMAncE IndicATOrs ..................................146 FinAnciAL REPORTS ..................................153 ANnEXES ..................................219 n this, the 50th Anniversary of the People’s Bank, we extend our heartfelt gratitude to all stakeholders for journeying with People's Bank through half a century of unstinting service to the Nation and its people. It is through your dedication and support that People's Bank has been able to record its best ever performance in 2011, not just in the history of the Bank but in the history of the banking industry in Sri Lanka as well. wasti siddham is a salutary phrase of Sanskrit origin, which broadly translated means, “May it be well with thee”. This has been the underlying sentiment throughout People's Bank’s 50 years of operation. It is what we wish for all our stakeholders and the Nation. In it is embodied our gratitude for jointly journeying with the Bank through history. It has been our privilege to serve them and in turn they have enriched the Bank through unique relationships we value beyond measure. OUR VisiON To be the Bank of the aspiring People of Sri Lanka: Empowering People to become value creating, competitive and self-reliant. OUR MissiON FOR OUR CUSTOMErs To take pride in providing an excellent service in the most caring, responsive and professional manner. FOR OUR OwnErs To generate benefits for the national economy whilst being independent and commercially viable. FOR OUR EMplOYEES To create opportunities for our employees to benefit from their high performance by becoming value creating, skilled, self-confident and professional individuals who are also team players. FOR OUR SOciETY To support empowerment and sustainable development by contributing to the upliftment of education, culture and environment island-wide. OUR VALUES We recognise that the primary reason for our existence is to create value for people of the nation. In all our activities we exercise our duty with utmost care in the interest of our depositors. We promote long-term ethical relationships with our customers through true and fair dealing. We put our customers at the centre of everything, by minimising bureaucracy, demanding hands on management, quick decision making and implementation. We empower staff and require them to be accountable. We demand the highest standards of personal integrity at all levels, putting the Bank’s interest ahead of individuals. We create an environment of mutual respect and trust where employees can demonstrate their performance and achieve their full potential. We develop our business by encouraging high performing teams that recognise and support the skills, commitment and links to the community of every employee. We are committed to comply with the spirit and letter of all laws and regulations, adhering to the highest standards of Corporate Governance, transparency, disclosure and ethical conduct. We conduct ourselves as good citizens promoting the environment and sustainable development. ABOUT THE BANK eople’s Bank was set up in 1961 to mobilise rural savings and channel it towards the process of development. It was established to provide banking services to population groups that had previously been excluded from the financial services industry. In these fifty years we have used financial products to catalyse development in rural and urban areas and to provide support to an economy in transition. The Bank commenced business in a very different economic environment. The country had received independence a mere 13 years previously and many parts of the financial services industry were at an early stage of development. There was an emphasis on state-led economic growth and state-owned enterprises were seen as the driver of the economy. Today we function in a very different environment. The country’s per capita GDP has crossed the US$2,500 threshold and the state and private sector work together to drive development. We are looking at doubling the per capita GDP over the next five years and joining the ranks of emerging economies of the world. A state-of-the-art financial services industry is crucial if the country is to sustain its present growth rates. The current moment calls for innovation, proactive engagement with new market segments and calculated risks. People’s Bank is today ready to play this new role. It has a pool of highly-motivated employees, a sound risk management strategy, a customer base in excess of 13 Mn, 714 branches and service centres, 382 ATMs and an asset base of Rs. 663 Bn. We are constantly strengthening our product portfolio and enhancing customer service. Our record pre-tax profit of Rs. 15.3 Bn and post-tax profit of Rs. 10.2 Bn in 2011 coupled with a low non- performing loan ratio of 3.4% make us well placed to support Sri Lanka’s growth drive in the years to come. PAGE 006 PAGE 006 PAGE 007 PAGES 008-011 PAGES 012-017 PAGES 020-022 PAGES 024-030 PAGES 032-036 PAGE 037 PAGE 040-053 OPERATIONAL finAnciAL CHAirMAN’S CHIEF BOArd COrpORATE EXECUTIVE ZONAL BUsinEss HIGHliGHTS HIGHliGHTS MEssAGE EXECUTIVE OF DirECTOrs MANAGEMENT MANAGEMENT MANAGEMENT REVIEW OfficER/ GENERAL MANAGER'S REVIEW OpERATIONAL HiGHliGHTS Completed 50 years in banking services. Number of banking outlets increased to 341 and service centres 373, expanding our total branch network to 714, the largest in Sri Lanka. Entire branch network is now online and interconnected. Number of ATMs increased to 382, adding 52 new machines this year. Customer base over 13 Mn. Value of deposits increased by 17% totalling Rs. 540 Bn as at end 2011. Bank ratings were upgraded – Fitch Rating AA (Stable) and RAM Ratings AAA. Rs 12.5 Bn paid in taxes, dividends and levies to the Government of Sri Lanka. Introducing People’s Mobile Banking using (Unstructured Supplementary Service Data) USSD code in collaboration with Dialog Axiata for the first time in Sri Lanka. Expansive corresponding banking network of over 400 correspondent banks spanning across 110 countries around the world. People’s Bank | Annual Report 2011 007 PAGE PAGES 056-068 PAGES 069-075 PAGES 076-079 PAGES 080-083 PAGES 086-087 PAGES 088-121 PAGES 124-143 PAGES 146-152 PAGES 153-218 PAGES 219-248 FinAnciAL COrpORATE OUTlinE A PicTOriAL COMpliAncE COrpORATE RisK KEY FinAnciAL ANNEXES REVIEW REspOnsiBiliTY OF OUR ViEW OF 2011 REPORT GOVErnAncE MANAGEMENT PErfORMAncE REPORTS REPORTinG IndicATOrs iniTIATIVES FinAnciAL HiGHliGHTS 2011 2010 Change % BOTTOM LinE PErfORMAncE Profit before Taxation (Rs. Mn) 15,311 8,771 74.6 Capital in Hand (Rs. Mn) 26,495 20,838 27.1 PRODUCTIVITY Net Revenue (Rs. Mn) 37,123 31,897 16.4 Cost/Income Ratio (%) 50.7 60.2 – Head Count (Permanent) 8,249 8,399 (1.8) Profit per Employee (Rs. '000) 1,231 620 98.6 CREdiT MANAGEMENT Loans & Advances (Gross) (Rs. Mn) 478,345 371,804 28.7 Non-Performing Loan (NPL) Value (Rs. Mn) 16,062 18,738 (14.3) NPL Ratio (%) 3.4 5.0 – Provisions for NPL's (Rs. Mn) 13,095 13,782 (5.0) NPL Coverage Ratio (%) 81.5 73.6 – CUSTOMER COnfidEncE Value of Deposits (Rs. Mn) 539,862 462,140 16.8 No. of Customer Accounts (Mn) 13.2 12.9 2.4 KEY PErfORMAncE IndicATOrs Return on Assets (%) - Before Tax 2.5 1.7 – Return on Equity (%) 42.9 26.9 – Capital Adequacy Ratio (%) 14.8 12.8 – Non-Funded Income/Net Income (%) 18.9 18.8 – People’s Bank | Annual Report 2011 PAGE 008 PAGE 006 PAGE 007 PAGES 008-011 PAGES 012-017 PAGES 020-022 PAGES 024-030 PAGES 032-036 PAGE 037 PAGE 040-053 OPERATIONAL finAnciAL CHAirMAN’S CHIEF BOArd COrpORATE EXECUTIVE ZONAL BUsinEss HIGHliGHTS HIGHliGHTS MEssAGE EXECUTIVE OF DirECTOrs MANAGEMENT MANAGEMENT MANAGEMENT REVIEW OfficER/ GENERAL MANAGER'S REVIEW CHAirMAN’S MEssAGE MORE THAN A BANK he Bank completed 50 years last year and had its best year ever in terms of earnings and key performance indicators. Net income increased by 16.4% and our pre-tax profit of Rs. 15.3 Bn was the highest in our history. Deposits grew by 17%, advances by 29% and the asset base by 21%.
Load more

Recommended publications
  • Based on the Sri Lankan Experience of Registration of Title System.)
    South East Asia Journal of Contemporary Business, Economics and Law, Vol. 19, Issue 4 (August) ISSN 2289-1560 2019 RETHINKING THE IMPORTANCE OF IDENTIFYING AND ADDRESSING THE CUSTOMARY LAWS IN THE CONTEXT OF LAND LAW MAKING PROCESS (BASED ON THE SRI LANKAN EXPERIENCE OF REGISTRATION OF TITLE SYSTEM.) Ms Buddhika Munasinghe INTRODUCTION The land is an integral part of every state. Especially land has sacred and cultural value in most of the Asian traditions apart from its social and economic value. Sri Lanka is an island state which has 25,330 sq. Mi for 21,670,000 ("Department of Census and Statistics-Sri Lanka," 2019) of population and a country which inherent legal pluralism as a result of multi-cultural ethnicity and imperialism. Further, Lands play a major and vital role in Sri Lanka, and as a country based on the agricultural economy, vast human rights such as the right to work, right to food are inseparably linked with the lands. Therefore the concept of ownership and protection of ownership of lands have crucial importance. Sri Lanka has two kinds of ownership for the lands. The first one is the ownership of state lands, and the other one is ownership of private lands. When it comes to private lands, the laws relating to private lands in Sri Lanka are governed by the General Law or the Roman-Dutch law and the personal or special laws existing in the country. All these legal systems have their own features and inherent. Derived from many different systems, Roman-Dutch Law, English law, Sinhala Law, Thesawalamei Law and Muslim Law, the law of Ceylon is rich in its source.(Tambiah, 1972, p.
    [Show full text]
  • To Download This Publication in PDF Format
    An Exceptional Collapse of the Rule of Law: Told through stories by families of the disappeared in Sri Lanka ISBN 962-8161-06-7 Published by Asian Legal Resource Centre (ALRC) and Asian Human Rights Commission (AHRC) 19th floor, Go-Up Commercial Building 998 Canton Road, Kowloon, Hong Kong Tel: +(852) 2698 6339 Fax: +(852) 2698 6367 Email: [email protected] Website: www.alrc.net / www.ahrchk.net / www.disappearances.org and Families of the Disappeared 555 Colombo Road, Kurana – Katunayaka, Sri Lanka Tel: +(94) 314870308 Email: [email protected] October 2004 Researched by Moon Jeong-ho Bruce Van Voorhis Edited by Shyamali Puvimanasinghe Printed by Clear-Cut Publishing and Printing Co. B1, 15/F, Fortune Factory Building 40 Lee Chung Street, Chai Wan, Hong Kong CONTENTS vii Mass murder and Constitutional insanity Basil Fernando 1 The killers’ list The disappearance of S. A. Chaminda Luxman Senanayake 7 Body under the bridge The disappearance of Warnakulasuriya Arachige Don Peter Michael 11 Torture chamber at the law faculty The disappearance of B. Hemantha Ajith Chandrasiri 16 Gamini is no more The disappearance of Handunkutti Pathiranehalage Gamini Sugathasiri 23 Murderers among us The disappearance of A. G. Sudath Premasiri 28 Burning bodiew for a wedding service The disappearance of Herath Mudiyanselage Ranjith, Neil Chandraratna and D. G. Wijedasa 36 What we have lost is lost completely for a lifetime The Embilipitiya disappearances 61 Betrayed by a friend The disappearance of Girambe Gedara Samarasinghe 65 The ominous van without number plates The disappearance of Galapita Gedara Karunananda 68 Crying for justice The disappearance of Ajith Rohana Gunathilaka 72 Life is priceless The disappearance of Abeygoda Gedara Gunawardana 74 Broken promise The disappearance of J.H.A.
    [Show full text]
  • The Interface Between Buddhism and International Humanitarian Law (Ihl)
    REDUCING SUFFERING DURING CONFLICT: THE INTERFACE BETWEEN BUDDHISM AND INTERNATIONAL HUMANITARIAN LAW (IHL) Exploratory position paper as background for 4th to 6th September 2019 conference in Dambulla, Sri Lanka Peter Harvey (University of Sunderland, Emeritus), with: Kate Crosby (King’s College, London), Mahinda Deegalle (Bath Spa University), Elizabeth Harris (University of Birmingham), Sunil Kariyakarawana (Buddhist Chaplain to Her Majesty’s Armed Forces), Pyi Kyaw (King’s College, London), P.D. Premasiri (University of Peradeniya, Emeritus), Asanga Tilakaratne (University of Colombo, Emeritus), Stefania Travagnin (University of Groningen). Andrew Bartles-Smith (International Committee of the Red Cross). Though he should conquer a thousand men in the battlefield, yet he, indeed, is the nobler victor who should conquer himself. Dhammapada v.103 AIMS AND RATIONALE OF THE CONFERENCE This conference, organized by the International Committee of the Red Cross (ICRC) in collaboration with a number of universities and organizations, will explore correspondences between Buddhism and IHL and encourage a constructive dialogue and exchange between the two domains. The conference will act as a springboard to understanding how Buddhism can contribute to regulating armed conflict, and what it offers in terms of guidance on the conduct of, and behavior during, war for Buddhist monks and lay persons – the latter including government and military personnel, non-State armed groups and civilians. The conference is concerned with the conduct of armed conflict, and not with the reasons and justifications for it, which fall outside the remit of IHL. In addition to exploring correspondences between IHL and Buddhist ethics, the conference will also explore how Buddhist combatants and communities understand IHL, and where it might align with Buddhist doctrines and practices: similarly, how their experience of armed conflict might be drawn upon to better promote IHL and Buddhist principles, thereby improving conduct of hostilities on the ground.
    [Show full text]
  • The Reception of International Law in the Domestic Law of Sri Lanka in the Context of the Global Experience M
    The RKW Goonesekere Memorial Lecture THE RECEPTION OF INTERNATIONAL LAW IN THE DOMESTIC LAW OF SRI LANKA IN THE CONTEXT OF THE GLOBAL EXPERIENCE M. Sornarajah I thank the Vice Chancellor of the University of Colombo and the Dean of the Faculty of Law for the invitation to deliver the First RKW Goonesekere Lecture today. It was an emotional moment for me when Professor Savitri Goonesekere first suggested to me that I should deliver this lecture in memory of a teacher who has been the model for me throughout my career as an academic and practitioner. Mr Goonesekere’s career has spanned a range of roles that a lawyer can play, first as an academic, then as a practitioner in human rights law representing the oppressed and as an activist for liberal causes. The ideal lawyer’s life must be spent in the service of the law to ensure that his fellow men and women in society live under the rule of law with their freedoms intact and their lives secure. In a generation of “lost lawyers”1 whose preoccupation has been money and status, Mr Goonesekere performed the task of an ideal lawyer in the dark days of the public life of our country when others thought it wise to remain silent.2 By so doing, he redeemed the honour of his profession. Mr Goonesekere’s life will illumine the paths of many lawyers of the Prof. M. Sornarajah is the CJ Koh Professor of Law at the National University of Singapore. He studied law at the University of Ceylon, where he obtained a first class honours degree in law.
    [Show full text]
  • Gender, Lineage, and Localization in Sri Lanka's
    GLOBAL NETWORKS, LOCAL ASPIRATIONS: GENDER, LINEAGE, AND LOCALIZATION IN SRI LANKA’S BHIKKHUNĪ ORDINATION DISPUTE by TYLER A. LEHRER B.A., California State University, Sacramento, 2013 A thesis submitted to the Faculty of the Graduate School of the University of Colorado in partial fulfillment of the requirement for the degree of Master of Arts Department of Religious Studies 2016 This thesis entitled: Global Networks, Local Aspirations: Gender, Lineage, and Localization in Sri Lanka’s Bhikkhunī Ordination Dispute written by Tyler A. Lehrer has been approved for the Department of Religious Studies ________________________________________________________ Dr. Holly Gayley, Committee Chair Assistant Professor, Religious Studies ________________________________________________________ Dr. Deborah Whitehead Associate Professor, Religious Studies ________________________________________________________ Dr. Carla Jones Associate Professor, Anthropology Date _____________________ The final copy of this thesis has been examined by the signatories, and we find that both the content and the form meet acceptable presentation standards of scholarly work in religious studies. IRB protocol #: 15-0563 iii Lehrer, Tyler A. (M.A., Religious Studies) Global Networks, Local Aspirations: Gender, Lineage, and Localization in Sri Lanka’s Bhikkhunī Ordination Dispute Thesis directed by Assistant Professor Dr. Holly Gayley This thesis investigates many of the figures and events that have made full ordinations of Buddhist nuns (bhikkhunīs) both possible and contested
    [Show full text]
  • Sri Lanka Journal of South Asian Studies Vol 3. No. 2 November 2017
    VOLUME 03 NUMBER 02 NOVEMBER 2017 The Faculty of Arts UNIVERSITY OF JAFFNA, SRI LANKA The Faculty of Arts The Sri Lanka Journal of South Asian Studies Vol.03, No. 02, November 2017 UNIVERSITY OF JAFFNA, SRI LANKA EDITOR’S NOTE The Sri Lanka Journal of South Asian Studies Volume 03 Number 02 November 2017 Volume 03 Number 02 2017 of the Sri Lanka Journal of South Asian Studies continues to deal with research problems related to the South Asian context. As per the vision of the pioneers of the Journal the present issue accommodates six articles. Since its inception in 1978 the Journal has been published with a break in the eighties due to the unrest that prevailed in the Northern and Eastern part of Sri Lanka and it has resumed its publication since 2015. We are unable to publish it on a regular basis due to various problems like lack of facilities, funds and printing due to dearth of professionals with English knowledge. The present volume consists of articles related to maritime intercourse and naval warfare, material culture in archaeology, logical methodology for “Refuting” in Vedanta philosophical tradition, mapping and evaluation of the changes in the land uses of selected river basins in the Northern Province, gender inequality, land rights and socio- economic transformation of women and landscape painting in BritishCeylon. We welcome more articles related to the South Asian context. We hope to continue with regular release of the Journal in future. Dr.K.Shriganeshan Editor. 30.11.2020. The Faculty of Arts The Sri Lanka Journal of South Asian Studies Vol.03, No.
    [Show full text]
  • Emerging Concerns and Case Studies on Child Marriage in Sri Lanka
    Savitri Goonesekere and Harini Amarasuriya EMERGING CONCERNS AND CASE STUDIES ON CHILD MARRIAGE IN SRI LANKA unite for children i EMERGING CONCERNS AND CASE STUDIES ON CHILD MARRIAGE IN SRI LANKA ISBN: 978-92-806-4704-4 Disclaimer The views expressed in this report are those of the authors and do not necessarily reflect the views of UNICEF or the Government of Sri Lanka. UNICEF Sri Lanka, July 2013 iv ACKNOWLEDGEMENTS We acknowledge with our appreciation, The contribution of families and individuals who shared their stories of early marriage and statutory rape with the field researchers The contribution of officers from state and non-state agencies working in the child protection sector who shared their experiences with the researchers The contribution of Professor Swarna Jayaweera, Professor Chandra Gunawardene, Agnes Mendis and Thana Sanmugam (CENWOR) and Yashodara Kadiragamathamby in conducting the study The support of Professor Priyani Soysa, Professor Gameela Samarasinghe, Dr Thiloma Munasin- ghe and Ms Purnima Perera in providing training for the field researchers Vigitha Renganathan for support with translation The excellent work of the field Researchers: T. Sathaananthan, Sellathurai Mallika, S G M Upekkha Kumarihami Senanayake, Mathanaruby Niroshananth, Nishanth Nagaratnam, P N Udayangani, P T K Pallewatte, H G N Prabani Bhanuka, A B M Nimsha Dissanayake, Chathurange Ekanayake, W S Damayanthi, H M Damayanthi, Michael Rosary Dickson and S V Sathyalingam. The efficiency of Indika Edirisinghe and Kethakie Nagahawatte (CENWOR) in coordinating the project The assistance of Kethakie Nagahawatte, Savithri Hirimuthugoda and T. Ranishka Nadeeshani (CENWOR) with the qualitative data analysis and newspaper article analysis The assistance given by Vathany Narendran and Sugandhika Nawana (CENWOR) in compiling the study report The financial and technical support for the study from the Ministry of Justice and UNICEF, Colombo.
    [Show full text]
  • Wh 100. Buddhism in Sri Lanka
    Buddhism in Sri Lanka A Short History By H. R. Perera Buddhist Publication Society Kandy • Sri Lanka Wheel Publication No: 100 Copyright © Kandy; Buddhist Publication Society First published: 1966 Reprinted:1988 BPS Online Edition © (2008) Digital Transcription Source: BPS Transcription Project For free distribution. This work may be republished, reformatted, reprinted and redistributed in any medium. 2 However, any such republication and redistribution is to be made available to the public on a free and unrestricted basis, and translations and other derivative works are to be clearly marked as such. 3 Preface The present treatise, Buddhism in Sri Lanka: A Short History deals with the history of Buddhism in this island from the time of its introduction in 250 BCE in the reign of King Devānampiyatissa, up to the present time (1966). The work is the outcome of an attempt to revise Dr. W. A. de Silva’s monograph entitled “History of Buddhism in Ceylon” appearing in Buddhistic Studies of Dr. B. C. Law (Calcutta, 1931). It should be mentioned, with due respect to the great scholar and national leader, that several of the chapters of his monograph have been reproduced here while many have been revised and enlarged. A few new chapters too have been added where it was deemed necessary. The author’s and the publishers’ thanks are due to Messrs. Thacker, Spink & Co., Calcutta, the publishers of Buddhistic Studies, for their kind permission to make use of Dr. W. A. de Silva’s article. The writer of the present work has made use of a large number of other works, both ancient and modern, in its compilation.
    [Show full text]
  • The Failure of Jennings' Constitutional Experiment In
    ! 3 The Failure of Jennings’ Constitutional Experiment in Ceylon: How ‘Procedural Entrenchment’ led to Constitutional Revolution g Asanga Welikala ! ! Introduction When the United Front (UF)1 won a landslide victory of over a two-thirds majority in Parliament in the general election of May 1970, 2 the stage was set for radical constitutional changes that would signify the end of an era and the beginning of another, or to put it more dramatically: the death of Ceylon and the birth of Sri Lanka. In its election manifesto, the UF had sought a mandate to repeal and replace the constitution under which independence had been granted (known as the Soulbury Constitution) with a republican constitution. The manifesto also indicated that such a sovereign and independent constitution would be drafted and enacted by a Constituent Assembly separate from Parliament, signifying an exercise of popular sovereignty, effecting a complete break with the colonial past. The UF manifesto sought a mandate for these constitutional changes in the following terms: “We seek your mandate to permit the Members of Parliament you elect to function simultaneously as a Constituent Assembly to draft, adopt, and operate a new Constitution. This Constitution will declare Ceylon to be a free, sovereign and independent Republic pledged to realise the objectives of a socialist democracy; and it will also secure fundamental rights and freedoms to all citizens.”3 1 A coalition comprising chiefly of the Sri Lanka Freedom Party (SLFP), and the two main Marxist parties, the Lanka Samasamaja Party (LSSP) and the Communist Party of Ceylon (Moscow Wing). 2 The UF won 115 of the 151 elected parliamentary seats of the last Parliament under the Soulbury Constitution at the general election of 27th May 1970.
    [Show full text]
  • People's Bank | Annual Report 2010
    A perehera is a unique amalgam of skill, aptitude and culture, passed down through generations and still evolving to mirror changing times… its relevance to People’s Bank appears inside… PEOPLE’S BANK No. 75, Sir Chittampalam A. Gardiner Mawatha, Colombo 2, Sri Lanka. | Tel: +94 112 481 481, +94 112 327 841 - 6, +94 112 446 316 Website: www.peoplesbank.lk | E-mail: [email protected] People’s Bank | Annual Report 2010 2010 2009 % y49 years in banking services. Bottom Line Performance yNumber of banking outlets increased to 329 and service centres Profit before Taxation (Rs. Mn) 8,771 6,076 44.4 increased to 350, expanding our total branch network to 679; the Capital in Hand (Rs. Mn) 20,838 17,800 17.1 largest in Sri Lanka. Productivity yNumber of ATMs increased to 330, adding 30 new machines this Net Revenue (Rs. Mn) 31,897 30,635 4.1 year. Cost/Income Ratio (%) 60.2 60.6 – yCustomer accounts close to 13 Mn. Head Count (Excluding Outsourced) 8,399 8,863 (5.2) Profit per Employee (Rs. ‘000) 620 375 65.5 yValue of deposits increased by 16.7% totaling 462 Bn in year 2010. Credit Management yBank ratings were upgraded - Fitch Rating AA-(Positive) and RAM Loans & Advances (Gross) (Rs. Mn) 371,804 299,077 24.3 Ratings AAA. Non-Performing Loan (NPL) Value (Rs. Mn) 18,738 20,040 (6.5) yRs 9.9 Bn paid in taxes, dividends and levies to the Government of NPL Ratio (%) 5.0 6.7 – Sri Lanka. Provisions for NPLs (Rs.
    [Show full text]
  • Rethinking the Grounds for Divorce in General Law of Sri Lanka: a Comparative Analysis
    International Journal of Business, Economics and Law, Vol. 10, Issue 4 (Aug.) ISSN 2289-1552 2016 RETHINKING THE GROUNDS FOR DIVORCE IN GENERAL LAW OF SRI LANKA: A COMPARATIVE ANALYSIS. E. M. Y. G. Ekanayaka, Lecturer (Probationary) Department of Private & Comparative Law, Faculty of Law, University of Colombo, Sri Lanka Email- [email protected] , Mobile - 0094719112235 Introduction This paper examines the legal framework relating to divorce law in Sri Lanka. It addresses the question whether the existing grounds for law of divorce, which are solely based on matrimonial fault in general law, are adequate. Fault based divorce law may fail to identify real reasons for divorce at times. Moreover, proving fault could be a mammoth task which may take a toll on other aspects of marital relationships such as custody of children. Hence, there is an incompatibility between the circumstantial reality of the family breakdown and the available legal procedure for dealing with breakdown of marriage. Therefore, this paper seeks to introduce ‘irretrievable breakdown of marriage’ as a ground for divorce into the general law of Sri Lanka. The fault – based system requires proof of at least one ground recognized by law for the dissolution of marriage. If the married party fails to prove adultery, malicious desertion or incurable impotency at the time of marriage, he/she will not be able to dissolve the marriage even if their union has broken down due to any other reason. In the modern context, the inability to obtain a divorce through law could even result in the violation of human rights of the parties involved.
    [Show full text]
  • The State of Economic, Social and Cultural Rights in Sri Lanka: a Joint
    The State of Economic, Social and Cultural Rights in Sri Lanka: A Joint Civil Society Shadow Report to the United Nations Committee on Economic Social and Cultural Rights April 2017 1 Acknowledgement The preparation of this collective civil society shadow report has been coordinated by the Law & Society Trust. A number of organisations and individuals made particularly important contributions to this report in different ways. They include EQUAL GROUND, Janawabodaya Kendraya, Mannar Women’s Development Federation, National Fisheries Solidarity Movement, Suriya Women’s Development Centre, Women’s Resource Centre, Movement for Land and Agriculture Reforms, Movement for the Defense of Democratic Rights, Women’s Action Network, Women and Media Collective, Refugee Advocates, People’s Health Movement as well as Binendri Perera, Azra Jiffry, Rashmini de Silva, Anushka Kahandagama, Nilshan Fonseka, Iromi Perera, Aftab Lall, Nadya Perera, Vagisha Gunasekara, Muthulingam, Anushaya Collure, Vasuki Jeyasankar, Harini Amarasuriya, S. Elankovan, Sumika Perera, Dinushika Dissanayake. The final report has been compiled and prepared by Prashanthi Jayasekara with support from Sandun Thudugala, Vijay Nagaraj and Nigel Nugawela. We gratefully acknowledge the financial support by Democratic Reporting Initiative and technical support received from the Programme on Women’s Economic, Social and Cultural Rights ([email protected]) and its Executive Director, Ms Priti Darooka. 2 Introduction Context 01. Coming two years after a political transition from post-war authoritarianism, this Shadow Report to the United Nations Committee on Economic Social and Cultural Rights is framed in the backdrop of two concurrent processes of ‘transformation’ currently underway in Sri Lanka. The first is the process of constitutional reform initiated by the Government that was elected on the platform of restoring democratic, inclusive and accountable governance.
    [Show full text]