📈 People’s Bank Secures Two-Notch Fitch Upgrade to AA+(lka)

Fitch Ratings has upgraded People’s Bank’s National Long-Term Rating by two notches to AA+(lka) from AA-(lka) with a Stable outlook. This marks only the second double-notch upgrade in the state bank's history, placing it ahead of all private sector commercial banks and at the top tier among domestic lenders. • Key Rating Drivers: - Fitch highlighted People's Bank's market-leading customer reach, strong deposit franchise, and extensive nationwide branch network. - Rating action follows Fitch's scale recalibration after recent improvements in Sri Lanka's sovereign credit rating. - Superior domestic funding stability and creditworthiness relative to large private sector peers. • Strategic Focus & Performance: - Financial momentum backed by business transformation targeting operational efficiency, commercial competitiveness, and digital innovation. - Balances national development mandate with sound commercial banking principles, governance, and financial inclusion.