People’s Bank retains No 3 spot in Sri Lanka’s Most Valuable Brands

In the 17th Annual review of Sri Lanka’s Most Valuable Brands published by Brand Finance Lanka, People’s Bank retained its No. 3 ranking having also increased its brand value by 1.4% to LKR 46.1 mn.

The Brand Finance certificate was officially handed over by Ruchi Gunewardene – Managing Director of Brand Finance to Ranjith Kodituwakku – Chief Executive Officer/General Manager at the People’s Bank Head Office in the presence of several members of the corporate and executive management of the Bank.

This increase in value was not observed either among the top two entities nor among other state banks in the Top Ten rankings, giving credence to People’s Bank’s constant digitalization stimulus being a crucial imperative in adding value to its brand. Brand Finance also gave People’s Bank an increased brand value rating of AAA- from its AA+ last year, increasing its brand score from 75.06 to 80.39.

The Bank’s digitalization momentum throughout 2019 and after despite significant challenges faced post the Easter attacks in April 2019 proved its mettle to retain its position and increase its brand value.

Citing that brands were hard pressed to perform in an extremely challenging economic environment, Brand Finance noted a 4% drop in brand value among the 100 Most Valuable Brands and post COVID-19, expects it to decline a further 9.5%. The annual review covers multiple sectors including banking, consumer products and services, conglomerates, telcos, exports, e-commerce and MNCs.

In its report, Brand Finance refers to digital transformation and automation being the key growth factor in managing challenges, a feature that will further accelerate with COVID-19. It states that this year has witnessed banks at the forefront of innovation, such as Peoples’ Bank, notching an increase in both their brand strength and brand value. (People’s Bank)