PB expecting ‘solid year’ in 2025
View(s):People’s Bank (PB) has realised a comfortable first quarter 2025 results, the ‘best ever results in its 64-year-old history’, Clive Fonseka, CEO/General Manager of People’s Bank said.
Responding to a recent Fitch report titled “Sri Lankan state banks’ capital vulnerable despite profit gains, Mr. Fonseka told The Sunday Times Business that they categorically rejected the Fitch view. “This is not relevant to us at all. As of December 31, 2024 our tier-2 capital is 16.5 per cent whereas the requirement is 13.5 per cent. We have a very substantial cushion,” he said.
“The Fitch report refers to the provisions that the banks have to take in 2024 and 2025. As a prudent measure we have taken the full hit in 2024 itself. There are no surprises this year,” he said adding that they expect a very good year in 2025 and by the end of the year are confident of having a tier-2 capital level of 19 per cent.
He said PB, as a responsible bank understand the repercussions of seeking the taxpayers’ money as a capital infusion. “We are a bank that is managed very well and seeking any capital infusion has not even been discussed internally. We don’t expect nor have we sought government funds,” he added.
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