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Annual Report 2014 People's Bank

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Annual Report 2014 People's Bank People’s Bank Annual Report 2014 People’s Bank People’s THANKS Annual Report 2014 A TRILLION People’s Bank No. 75, Sir Chittampalam A. Gardiner Mawatha, Colombo 02, Sri Lanka. Tel.: +9411 232 7841 (6 Lines) +9411 244 6316 (15 Lines) +9411 248 1481 [email protected] www.peoplesbank.lk ABOUT THE BANK People’s Bank is a licensed commercial The Bank has been much awarded and OUR VALUES bank incorporated in 1961 with a mandate rewarded for its achievements. We were We recognise that the primary reason for to support macroeconomic development in selected as the ‘Service Brand of the Year’ our existence is to create value for people Sri Lanka by mobilising rural savings. and ‘Banking Service Provider of the Year’ of the Nation. As a fully-owned state bank, we partner by the SLIM-Nielsen People’s Awards and support the development of the Nation programme. The Bank also garnered the In all our activities, we exercise our duty and its people. Espousing a highly ‘people triple accolades of ‘Bank of the Year 2014’ with utmost care in the interest of centric’ ethos supported by the widest at The European - Global Banking and our depositors. branch and ATM network in the country, Finance Awards 2014, as well as ‘Best We promote long-term ethical the Bank has established itself as the bank Banking Group Sri Lanka’ and ‘Most relationships with our customers through closest to its people. Sustainable Bank Sri Lanka’ at the World true and fair dealing. Finance Banking Awards 2014. We put our customers at the centre of From inception People’s Bank has everything, by minimising bureaucracy, encountered and successfully negotiated People’s Bank is a strong, vibrant, robust demanding hands on management, quick varied economic climates and challenges and sustainable entity, founded on rock decision-making and implementation. and throughout a history of over five solid principles, practice and ethics. decades we have stayed true to our core These are the qualities that will assure our We empower staff and require them to mandate - the economic development of longevity. be accountable. Nation and people. We demand the highest standards of That longevity will be spent in fulfilling our personal integrity at all levels, putting the In its most current incarnation, the Bank core raison d’être – the development of Bank’s interest ahead of individuals. is seen to have grown beyond parochial Nation and people. borders in function and intent, assuming We create an environment of mutual respect and trust where employees relevance to the gamut of state and private OUR VISION sector institutions as well as to individuals can demonstrate their performance and To be the Bank of the aspiring People of in equal measure. Our extensive and achieve their full potential. Sri Lanka: Empowering People to become comprehensive portfolio of products and We develop our business by encouraging value creating, competitive and self-reliant. services cater to every demographic in high performing teams that recognise and Sri Lanka. Pragmatic policy and cutting support the skills, commitment and links OUR MISSION edge strategy and product acumen to the community of every employee. For our Customers supported by our one of a kind outreach We are committed to comply To take pride in providing an excellent and highly skilled team of over 11,000 with the spirit and letter of all laws service in the most caring, responsive and professionals have enabled the Bank to and regulations, adhering to the professional manner. record industry leading achievements. Our highest standards of corporate Balance Sheet notched Rs.1 Tn while the For our Owners governance, transparency, disclosure savings deposit base exceeded and ethical conduct. Rs. 300 Bn – one of the largest in To generate benefits for the national We conduct ourselves as good Sri Lanka. In addition we gained an economy whilst being independent and citizens, promoting the environment and AA+ rating from Fitch Ratings. commercially viable. sustainable development. 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. This has been a landmark year for People’s Bank. Our asset base crossed the trillion mark for the first time ever, making us only the second bank in Sri Lanka to achieve this golden milestone. With our whole being we say, “Thanks a Trillion”...to our customers, owners, employees and the wider society of this country, for your belief in us, your loyalty, your custom and your trust, so unwaveringly extended to the Bank over 50 years of service to the Nation. It is these qualities in our relationships that have allowed us to aim for and achieve such heights in performance, always with the clear objective of serving all stakeholders with the best of financial solutions. Going forward, we fully intended to deploy these resources to extend an even better and more lucrative service to all stakeholders. ABOUT THE REPORT Report Format This is our third Sustainability Report. associate, People’s Merchant Finance We firmly believe that any discussion PLC. The Financial Review and Financial on sustainability to be valid, must be Statements cover the performance of one with a single discussion on the the Bank inclusive of its subsidiaries overall performance of the Bank. Hence, and associate. this Report presents a comprehensive and concise account of the performance There were no changes in the Scope, of the Bank, and the ways in which boundary or measurement methods we create sustainable value for applied in the Report for 2014 compare our stakeholders. to 2013. Concept Compliance In its preparation this Report has drawn The information contained in this Report, on concepts, principles and guidance is in compliance with the applicable laws, provided by the Global Reporting regulations and standards. It remains Initiative (GRI) Sustainability Reporting to the best of our ability aligned to the Guidelines. It is a cohesive report which triple bottom line concept based on communicates the relationships and GRI Guidelines. interdependence of the varied aspects of our business. These include our Queries strategic imperatives, governance, risk, Your comments and/or queries are compliance, management decisions and welcome and may be directed to: actions etc. Management Information Department Reporting Cycle People’s Bank This Report covers the 12-month period No. 75, from 1st January 2014 to 31st December Sir Chittampalam A. Gardiner Mawatha 2014. People’s Bank adopts an annual Colombo 02 reporting cycle; hence the last published Sri Lanka report was in respect of financial year Tel: +9411 232 7841 (6 lines), ended 31st December 2013. +9411 244 6316 (15 lines), Scope and Boundary +9411 248 1481 This Report comprehensively covers email: [email protected] the economic, environmental and social web: www.peoplesbank.lk performance of People’s Bank. However, it does not contain content in respect of the Bank’s two subsidiaries, People’s Leasing & Finance PLC and People’s Travels (Pvt) Ltd. nor does it contain any content in respect of the Bank’s CONTENTS Financial Reports Highlights 004 Directors’ Report 112 Chairman’s Message 006 Directors’ Responsibility for Financial Reporting 114 Chief Executive Officer/General Manager’s Review 010 Directors’ Statement on Internal Controls 115 Board of Directors 016 Auditor General’s Assurance Report on Internal Control 117 Corporate Management 020 Auditor General’s Report of Factual Findings and Executive Management 030 Corporate Governance 119 Zonal Management 033 Board Audit Committee Report 139 Management Discussion and Analysis 034 Auditor General’s Report on Financial Statements 142 Pictorial View of 2014 070 Income Statement 144 Compliance Report 072 Statement of Profit or Loss and Other Comprehensive Income 145 Corporate Governance 074 Statement of Financial Position 146 Risk Management 084 Cash Flow Statement 147 Statement of Changes in Equity 148 Notes to the Financial Statements 150 Annexes Value Added Statement 224 Sources and Utilisation of Income 225 Income Statement US$ 226 Statement of Financial Position US$ 227 Quarterly Financial Highlights 228 Performance Review 2005-2014 229 Branch Network 231 Branches with Selected Services 234 Worldwide Partners 237 Decades at a Glance 239 GRI Index 241 Glossary of Financial/Banking Terms 244 4 People’s Bank Annual Report 2014 HigHligHTS Financial HigHligHTS BANK GROUP Change Change 2014 2013 % 2014 2013 % Results for the year - Rs. Mn Gross Income 96,377 120,456 (20.0) 118,641 139,957 (15.2) Total Operating Income 41,894 46,530 (10.0) 54,308 55,576 (2.3) Profit before Tax 17,231 10,304 67.2 21,628 13,412 61.3 Provision for Taxation 3,012 2,816 7.0 4,674 4,248 10.0 Profit after Tax 14,219 7,488 89.9 16,953 9,164 85.0 At the Year-End - Rs. Mn Gross Loans and Receivables 685,310 681,467 0.6 782,301 773,251 1.2 Deposits 793,342 762,249 4.1 829,019 789,225 5.0 Total Assets 1,026,769 930,585 10.3 1,139,258 1,031,473 10.4 Shareholders' Fund (Capital and Reserves) 43,470 36,537 19.0 64,062 55,088 16.3 Key Performance Indicators Return on Assets (%) - before Tax 1.8 1.1 – 2.0 1.3 – - after Tax 1.5 0.8 – 1.6 0.9 – Return on Equity (%) 35.5 22.8 – 28.5 18.2 – CASA/Total Deposits (%) 46.3 38.5 – 44.7 36.5 – Statutory Ratios Capital Adequacy Ratios (%) Tier I Capital Ratio - Minimum Requirement 5% 10.9 10.4 – 12.4 12.5 – Total Capital Ratio - Minimum Requirement 10% 14.3 15.0 – 14.9 15.9 – Statutory Liquidity Assets Ratio (%) Domestic Banking Unit - Minimum Requirement 20% 30.3 25.2 – N/A N/A – Off-Shore Banking Unit - Minimum Requirement 20% 21.8 22.3 – N/A N/A – Highest Ever Total Assets Base Profit Before Tax Touched Rs.
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