NSB achieves highest-ever Group PBT of Rs. 28.52 b in 2024

16 March 2025 marks a historic milestone in Sri Lanka’s banking sector as the National Savings Bank (NSB) celebrates its 53rd anniversary. Since its inception in 1972, NSB has remained an unwavering pillar of financial security, trusted by millions as the safest bank in the country. With roots dating back to 1832, NSB is the only bank in Sri Lanka with a 100% Government guarantee, ensuring financial stability and confidence among its vast customer base. 

A legacy of trust and stability

For over five decades, NSB has upheld its mission to provide secure and accessible banking services to all Sri Lankans. With the highest customer base in the country, the bank has played a crucial role in fostering financial inclusion, offering savings and investment opportunities that cater to individuals from all walks of life.

NSB has demonstrated resilience in the face of economic challenges, adapting to evolving market dynamics while maintaining its commitment to financial prudence and operational excellence. The bank’s adherence to its founding principles has solidified its reputation as Sri Lanka’s most reliable financial institution, safeguarding the hard-earned savings of its customers while driving national development initiatives.

Record-breaking financial performance in 2024

The year 2024 marked a landmark achievement for NSB, showcasing exceptional financial results and strategic agility. Amidst global and domestic economic fluctuations, NSB recorded a remarkable 516% year-on-year (YoY) increase in Profit Before Tax (PBT), soaring to Rs. 26.43 billion. Likewise, Profit After Tax (PAT) surged by 126% to reach Rs. 16.29 billion. These outstanding financial results underscore NSB’s robust governance, disciplined execution, and customer-centric approach. At the Group level, the increased PBT of Rs. 28.52 billion is 256% over the previous year and the PAT of Rs. 17.66 billion is an 86% increase. 

NDB Chairman Dr. Harsha Cabral, PC, emphasised: “NSB’s financial success in 2024 underscores the strength of our strategic vision, disciplined execution, and unwavering dedication to our customers and stakeholders. Despite a challenging macroeconomic environment, we have demonstrated resilience, achieving record profitability while maintaining a strong balance sheet and a stable risk profile. This success was further supported by declining interest rates which created favourable conditions for the bank’s performance over the past year. 

The bank’s total assets grew to Rs. 1.75 trillion, with deposits increasing by 5% to Rs. 1.56 trillion. A significant 146% rise in net interest income and an expansion of non-interest income streams have strengthened NSB’s profitability and operational efficiency. Additionally, NSB’s prudent risk management strategies ensured a stable impairment coverage ratio, reinforcing its financial security.

“Changing the macroeconomic conditions to a more stable environment will help the industry and our bank to grow and thrive in the future. As we celebrate 53 years of excellence, we take pride in our accomplishments and remain committed to greater financial inclusion and national progress.” 

Advancing financial inclusion through digital transformation

Recognising the importance of digital innovation, NSB moved to a new core banking system, enabling a comprehensive digital transformation journey. 

By introducing state-of-the-art digital banking solutions, NSB is bridging financial accessibility gaps and fostering economic inclusivity. From mobile banking applications to online account management, the bank continues to drive the digital banking revolution, empowering customers with seamless banking experiences and ensuring a technologically advanced financial ecosystem.

Financial and digital literacy initiatives

NSB launched a nationwide campaign featuring a Mega Till Replica, starting in the Eastern region and later moving to the Northern region, where NSB celebrated its 52nd anniversary in Jaffna. This campaign aims to educate the unbanked and under-banked about the importance of participating in the financial system. 

Additionally, in celebration of International Women’s Day 2025, NSB initiated a project to educate Sri Lankan women on the benefits of digital banking and how to use digital products safely and effectively. This project, focusing on grassroots communities, aims to enhance financial literacy among women.

Strengthening NSB’s partnership with the postal sector

NSB was formed through the amalgamation of four institutions, including the postal sector, which remains a vital partner. Over 4,000 post and sub-post offices across Sri Lanka collaborate with NSB to ensure accessible banking services for rural and urban communities.

This long-standing partnership is set to strengthen further with new innovations to be introduced in 2025.

Recognition and awards in 2024

NSB’s dedication to excellence and innovation was recognised with several prestigious awards in 2024:

• LankaPay Technnovation Awards 2024: NSB received multiple accolades, including the Overall Merit Award for Excellence in Digital Payments under the banking institution category, the Gold Award for Customer Convenience, recognising NSB’s efforts in enhancing customer service through digital solutions, and the Gold Award – Category B: Financial Institution of the Year for Financial Inclusivity for promoting financial inclusivity across Sri Lanka.
• Pinnacle Sri Lanka 2024: NSB General Manager/Chief Executive Officer was recognised as the overall Best CEO of the Year.

Global CEO Magazine: NSB General Manager/Chief Executive Officer was named among the Best 50 CEOs of 2024 along with the leadership team of the bank. 

• Most Admired Companies in Sri Lanka: Recognised by ICCSL, CIMA, and AICPA.
• Women-Friendly Workplace Award: Acknowledging NSB’s commitment to gender equality and inclusivity.
• CMA Excellence in Integrated Reporting Awards 2024: NSB was awarded “Winner in the State Banks Category” and recognised among the Ten Best Annual Reports.
• Best Women’s Savings Plan of the Year 2024: Awarded to NSB’s Sthree Savings Account at Pinnacle Sri Lanka 2024.

Commitment to sustainability and social responsibility

NSB has consistently prioritised sustainability and social responsibility, with a strong focus on Environmental, Social, and Governance (ESG) initiatives that drive positive change in society. In 2024, the bank significantly expanded its ESG activities, further solidifying its commitment to sustainable development and community empowerment. Some of the key initiatives include:

• Hapan Scholarship Program: For over two decades, NSB has supported top-performing students in the Grade 5 Scholarship Examination. In 2024, the bank took a historic step by providing free Hapan Pranama Model Paper Books to all Hapan account holders, ensuring that young scholars nationwide have access to essential academic resources. Additionally, NSB recognised students who face special challenges, including those with special needs, further demonstrating its commitment to fostering a brighter future for Sri Lanka’s youth.
• ‘English is Simple’ initiative: In partnership with the Ministry of Education, NSB launched the ‘English is Simple’ program, which aims to enhance English language proficiency among school students across Sri Lanka. This initiative equips students with essential skills to improve their future career prospects and contributes to the achievement of Sustainable Development Goals (SDGs).
• Agro-Forestry Project: Demonstrating its dedication to environmental sustainability, NSB initiated the Agro-Forestry Project. The bank actively distributes plants at key events and collaborates with the Forest Department on an ambitious project to reforest 50 acres, contributing to Sri Lanka’s green cover and long-term environmental conservation.
• Konichchankulama Tank rehabilitation: NSB played a crucial role in the restoration of the Konichchankulama Tank in the Kakupadiyawa village, with support from the NSB Pensioner’s Society and the Department of Agrarian Development. The rehabilitated tank now benefits over 2,000 villagers, providing them with access to essential water resources for daily use and sanitation.
• Branch and regional-level community programs: NSB’s 262 branches conduct annual community programs as part of their action plans, focusing on children, schools, and environmental initiatives. These programs help strengthen local communities and promote social responsibility at the grassroots level.

Through these initiatives, NSB continues to drive positive social and environmental change, aligning its operations with the broader goal of sustainable development.

The road ahead: A vision for growth and innovation

General Manager/CEO Shashi Kandambi said: “The remarkable success of NSB is the result of the collective efforts of all our stakeholders, our dedicated employees past and present, our loyal customers who have trusted us across generations in Sri Lanka and abroad, and the steadfast guidance of our Chairman and Board of Directors. This achievement is underpinned by our prudent risk management, commitment to innovation, and an unwavering focus on contributing to national progress. Looking to the future, we are determined to lead with purpose, embracing evolution and innovation to remain a trusted financial partner, while paving the way for a sustainable and inclusive tomorrow. We extend our heartfelt gratitude to the Central Bank of Sri Lanka, our regulator, the Ministry of Finance, and the Government of Sri Lanka for their invaluable and continued support.” 

With record-breaking financial performance, cutting-edge digital advancements, an unwavering commitment to ESG principles and sustainability, and a clear, ambitious vision for the future, NSB stands proud as a beacon of trust and stability. 

The Board of Directors of NSB comprises five distinguished members, led by Chairman Dr. Harsha Cabral, PC. The Board also includes Jude Nilukshan, Ruwan Palitha Sathkumar, Dushyantha Basnayake, and Ashane Jayasekara.