Sri Lanka, March 28 -- State-owned People's Bank for the year 2023 reported a total consolidated operating income and pretax profit of Rs.96.8 billion and Rs.19.3 billion, respectively.

Reflecting the high interest costs on term deposit funding, due to the high interest rate environment, which prevailed during 2022 and early 2023, the significant interest concessions extended to the customers for the ultimate benefit of the country saw the consolidated net interest income slip to Rs.67.8 billion during the year, from Rs.91.0 billion in the year prior.

However, the last quarter of the year showed a forward movement on this front, as its interest expense continues to normalise with the current interest rate environment. The consolidated n...