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Annual Report of the People's Bank for the Year 2013

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Annual Report of the People's Bank for the Year 2013 FOR THE BENEFIT OF ALL FOR THE BENEFIT OF This People’s Bank annual report has been produced by Smart Media The Annual Report Company, a certified carbon neutral organisation. Additionally, the greenhouse gas emissions resulting from activities outsourced by Smart Media in the production of this annual report, including the usage of paper and printing, are offset through verified sources. PEOPLE’S BANK FOR THE BENEFIT ANNUAL REPORT 2013 REPORT ANNUAL OF ALLPEOPLE’S BANK ANNUAL REPORT www.peoplesbank.lk 2013 Contents Highlights .............................................004 Financial Reports Annexes Chairman’s Message ............................007 Directors’ Report ..................................152 Value Added Statement ........................264 Chief Executive Officer/ Directors’ Responsibility for Sources and Utilisation of Income ........265 General Manager’s Review ...............013 Financial Reporting ...........................155 Income Statement US$ .........................266 Board of Directors ................................021 The Directors’ Statement on Internal Controls ................................156 Statement of Financial Position US$ .....267 Corporate Management .......................027 Independent Assurance Report ...........158 Quarterly Financial Highlights ..............268 Executive Management and Zonal Management ...........................035 Report of Factual Findings and Branch Network ....................................269 Corporate Governance .....................160 Business Review ..................................039 Branches with Selected Services .........274 Board Audit Committee Report ............180 Financial Review ...................................063 Worldwide Partners ..............................279 Report of the Auditor General ..............183 Sustainability Supplement ....................077 Decades at a Glance ...........................281 Income Statement ................................185 A Pictorial View of 2013 ........................108 Performance Review 2004-2013 ..........284 Statement of Comprehensive Income ..186 Compliance Report ..............................111 Glossary of Financial/Banking Terms ...286 Statement of Financial Position ............187 Corporate Governance ........................117 Cash Flow Statement ............................188 Risk Management .................................127 Statement of Changes in Equity ...........189 Notes to the Financial Statements ........191 WE EXIST TO PROSPER All… We are well rooted. We stand firm in good times and bad. We know banking inside and out. The fruits from the tree of our enterprise nourish every stakeholder. We exist to prosper all. We are People’s Bank. Our Vision Our Mission Our Values To be the Bank of the For our Customers • We recognise that the primary reason for aspiring People of To take pride in providing our existence is to create value for people Sri Lanka: an excellent service in the of the nation. Empowering People most caring, responsive to become value and professional manner. • In all our activities we exercise our duty with creating, competitive utmost care in the interest of our depositors. and self-reliant. For our Owners • We promote long-term ethical relationships To generate benefits for the with our customers through true and fair dealing. national economy whilst • We put our customers at the centre of everything, being independent and by minimising bureaucracy, demanding hands commercially viable. on management, quick decision making and implementation. For our Employees To create opportunities • We empower staff and require them to be for our employees to accountable. benefit from their high performance by becoming • We demand the highest standards of personal value creating, skilled, self- integrity at all levels, putting the Bank’s interest confident and professional ahead of individuals. individuals who are also • We create an environment of mutual respect and team players. trust where employees can demonstrate their performance and achieve their full potential. For our Society To support empowerment • We develop our business by encouraging high and sustainable performing teams that recognise and support the development by skills, commitment and links to the community of contributing to the every employee. upliftment of education, culture and environment • We are committed to comply with the spirit and island-wide. 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. 002 People’s Bank Annual Report 2013 About the Bank People’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. Thus over 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. The Government’s ambition of developing the ‘Five Plus One Hubs Strategy’ is well in line with achieving a per capita GDP of US$ 4,000 by 2016 enabling the country join 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 15 Mn, 735 branches, 460 ATMs and an asset base of Rs. 931 Bn. We are constantly strengthening our product portfolio and enhancing customer service. Our pre-tax profit is Rs. 10.3 Bn and post-tax profit is Rs. 7.5 Bn in 2013. People’s Bank Annual Report 2013 003 Highlights Operating Highlights Total branch network more expanded to 735 the highest than in Sri Lanka 50 Bank expanded ATM network to 460, the first to be connected to the National Common years ATM switch project. in Customer accounts over 15 Mn. Introduction of “Migrant Debit Card”, Banking in partnership with the Foreign Service Employment Bureau. Bank’s Fitch Rating was reaffirmed as AA+ 004 People’s Bank Annual Report 2013 Bank recorded a profit after tax of 10.0Rs. Bn paid in taxes, dividends and levies 7.5 to the Government of Sri Lanka. Rs. Bn Financial Highlights BAnk GROUP 2013 2012 Change 2013 2012 Change Rs. Mn Rs. Mn % Rs. Mn Rs. Mn % Results for the Year Gross Income 120,456 94,777 27.1 139,957 109,974 27.3 Total Operating Income 46,530 43,310 7.4 55,576 49,618 12.0 Profit before Tax 10,304 15,249 (32.4) 13,412 17,671 (24.1) Provision for Taxation 2,816 4,355 (35.3) 4,248 5,775 (26.4) Profit after Tax 7,488 10,894 (31.3) 9,164 11,897 (23.0) At the Year End Gross Loans and Receivables 681,467 660,624 3.2 773,251 740,675 4.4 Deposits 762,249 683,951 11.4 789,225 708,897 11.3 Total Assets 930,585 873,296 6.6 1,031,473 960,860 7.3 Total Equity 36,537 29,205 25.1 55,088 45,749 20.4 Key Performance Indicators Return on Assets (%) - before Tax 1.1 2.0 1.3 2.1 - after Tax 0.8 1.4 0.9 1.4 Return on Equity (%) 22.8 41.7 18.2 28.2 Cost to Income Ratio (%) 48.4 55.8 49.1 55.0 Statutory Ratios Capital Adequacy Ratios (%) Tier 1 Capital Ratio - Minimum Requirement 5% 10.4 9.8 12.5 12.0 Total Capital Ratio - Minimum Requirement 10% 15.0 14.0 15.9 15.7 Statutory Liquidity Assets Ratio (%) Domestic Banking Unit - Minimum Requirement 20% 25.2 21.8 Off-Shore Banking Unit - Minimum Requirement 20% 22.3 21.8 People’s Bank Annual Report 2013 005 006 People’s Bank Annual Report 2013 Chairman’s Message People’s Bank has been of service to millions of Sri Lankans in all walks of life since its inception. People’s Bank Annual Report 2013 007 Being a State Bank, our responsibility lies with developing our stakeholders aligned to the country’s vision and thus far, we have seen the objectives in this path fulfilled and achieved. 008 Chairman’s Message People’s Bank Annual Report 2013 People’s Bank Annual Report 2013 Chairman’s Message 009 It gives me great pleasure to be able to address you One of the Bank’s largest customer bases which as our important stakeholders in my second year continues to gain immense focus given the in office whilst the Bank is on its fifty third year of yeomen service our expatriate Sri Lankans render existence. in contributing to the growth and development of the nation is our expatriates. These Sri Lankans ‘For the Benefit of All’ is the thought process that we were expected to have remitted an extraordinary intend to permeate even further in the future, creating US$ 6.7 Bn by end 2013. This is an increase from an empowering environment to all our stakeholders. US$ 6 Bn posted in 2012, with the reasons for the growth pinpointed to increased labour migration under professional
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