People’s Bank ranking among 10 Most Admired Companies a testament to its leading role

By Nishel Fernando

People’s Bank’s ranking amongst the ‘Ten Most Admired Companies in Sri Lanka’ is ultimate testament to its leading role in advancing financial inclusiveness over the years

People’s Bank (PB) was recently recognised as one of the top 10 ‘Most Admired Companies of Sri Lanka’ by the International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) and the Daily FT.

The bank has played a pivotal role in advancing financial inclusiveness across the country and most recently, the bank has played a leading role in implementing relief measures to the COVID-19 affected businesses and individuals while extended unparalleled support to the sovereign.

Following a rigorous selection process conducted by an elite panel of both local and international judges, the ‘Most Admired Companies of Sri Lanka’ awards recognises exceptional companies looking beyond  financial performance to create value for their shareholders, customers, employees and the wider community in general. 

People’s Bank over 60 years in operations has established itself in a unique position to successfully reach over 14.0 million customers. It has also transformed itself from being a financial solutions provider to the masses to a leader in digital banking sphere benefiting the entire nation.

People’s Bank Head of Finance Azzam A. Ahamat recently sat down with Daily FT to share his insights into the award and the role played by the bank, more so in a COVID-19 context. Following are excerpts:

Q: Could you briefly explain the selection criteria for this Award?

 As laid down by ICCSL and CIMA, seven cores with an underlying focus on human resources, CSR and wider stakeholder value added. The Award focuses on all things qualitative and sustainable 

Q: In your view, what were the key contributory factors which helped PB to be recognised amongst the Top 10 Most Admired?

 There are several in my view, two of which stand out: 

Firstly, its founding premise of helping the underprivileged and the underserved which is in-built in its internal thinking and mode of operations where concession and consideration are core parts of the decision making process. At PB, although important, profitability is not the only factor being considered with its earnings being net of multiple concessions and considerations offered to the public.

Two, its role in the context of the pandemic. Needless to say, COVID-19 was the ultimate litmus test and as a services provider your ability to serve in such times of distress and uncertainty will differentiate you from the rest. It also put to test our digital capabilities. Despite pandemic-related lockdowns, with due compliance to all health and safety precautions, the bank was able to successfully keep over 70% of its branches/service functioning even during the first lockdown, keep its digital platforms running on a 24/7 and 365 basis with 99% up time and dispatch mobile banking units to cover over 1,000 locations including some in the remotest areas in the country. In addition, the bank was amongst the first to roll out CBSL relief measures for the benefit of its customers. 

Q: People’s Bank has the widest network of any bank in the country. Has this helped?

 Indeed, everything does. Greater access dictates a greater ability to positively touch the lives and livelihoods of many. Being true to its founding ethos, the bank was originally set up with the objective of taking banking to the rural to cater to the underserved in a time where banking was limited to the privileged. The journey of setting a wide branch network was in pursuance thereto and today it remains accessible to all country wide. 

Q: What does ‘Most Admired Companies of Sri Lanka’ award represent to you? 

 It provides testimony to bank’s efforts over a period of six decades and the extent of care and sacrifice made during what can be considered as the worst economic stress even in our living memory.

Q: How important is integrated reporting to gain a recognition at this scale?

Integrated reporting is a necessity. We at People’s Bank take great pride in ensuring in delivering our reports and other submissions in a manner second to none.

Q: What ultimately drives the bank’s success?

 Like any successful organisation, leadership from the top and exemplary dedication and commitment from staff at all levels.