People's Bank achieves 400 billion rupees in Consolidated Gross Income

People’s Bank reported financial results for the year ended December 31, 2024, with total consolidated operating income of 145.1 billion rupees and a post-tax profit of 28.8 billion rupees, reflecting growth of 49.9 percent and 152.7 percent, respectively.

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The results benefited from ISB restructuring, though it was modest compared to peers. Consolidated net interest income increased to 122.9 billion rupees from 67.8 billion rupees in 2023, leading to improved net interest margins of 3.7 percent. Net fees and commissions reached 15.3 billion rupees, marking a historic high. Total operating expenses were 75.7 billion rupees. Customer deposits totaled 2,947.9 billion rupees, while net loans stood at 1,665 billion rupees after settling 262.6 billion rupees in loans to a state enterprise. Excluding this settlement, net loan growth was approximately 5.7 percent, with total assets reaching 3,471.7 billion rupees. By December 31, 2024, the Bank’s Tier I and Total Capital Adequacy Ratios were 10.9 and 16.5 percent, while on a consolidated basis, they were 12.6 and 17.7 percent. These ratios account for all prudential deductions, including those related to the state enterprise restructure. The Bank also enhanced its solvency with a 13.5 billion rupees Basel III compliant Tier II debt issuance in Q4-2024.