Friday Nov 15, 2024
Friday Nov 15, 2024
Friday, 26 July 2013 00:00 - - {{hitsCtrl.values.hits}}
Fitch Ratings has assigned NSB, Long-Term Foreign and Local-Currency Issuer Defaulter Ratings of ‘BB-’ with Stable Outlook and a support rating and support rating floor of ‘3’ and ‘BB-’ respectively. Standard & Poor’s Ratings Services assigned its ‘B+’ Long Term and ‘B’ Short-Term counter party credit rating to the bank and also affirmed the outlook on the long term rating as stable.
In the meantime, Fitch Ratings Lanka has affirmed Long Term credit rating of ‘AAA’ for the 11th consecutive year, making NSB the only Sri Lankan bank to have earned this recognition.
NSB is a licensed specialised bank with consolidated assets of approximately Rs. 537 billion and is ranked as the third largest bank in the country in terms of deposits and the fourth largest in assets as at the end of 2012.
Being a savings bank that remains very cognisant of its responsibility of inculcating the savings culture among the people of Sri Lanka, its customers have truly being the tangible example of the bank’s progress over the years. With a customer base of 17.4 million comprising all social strata, multiple demographics, cultural, religious and ethnic backgrounds, the customers have embraced the National Savings Bank as a lifelong partner. 
NSB has not only focused on domestic savings, but has also supported inward remittances and NRFC and RFC deposits for Sri Lankans wherever they are at work. As a trusted, guardian of incomes of migrant workers, NSB has established a network of global relationships with over 35 prominent exchange houses around the world, including Money Gram International and the Eurogiro fraternity.
The bank’s extensive product portfolio has ample examples of the customer ethos that the bank espouses, from infants, to young people, to senior citizens, from housing loans, auto loans, agricultural loans to project loans, its products, coupled with exemplary service is the key to its success.
NSB, the brainchild of then Minister of Finance, Dr. N.M. Perera, was established in 1972 through the amalgamation of the Ceylon Savings Bank, the Ceylon Post Office Savings Bank and the National Savings Movement with the expressed objective of ‘promotion of savings among the people, particularly among those with limited means, and the profitable investment of savings so mobilised.’
The bank, which started on such a humble note as a ‘home-based’ bank with just three branches at the inception, now has an extensive footprint across Sri Lanka, including 228 branches, 641 post offices and 3412 sub-post offices. It has also established 1,185 school banking units governed by the objective of inculcating the habit of thrift and savings among the younger generation of the country. The island-wide ATM network by now exceeds 244 in number.
Through these service outlets, NSB provides financial products to under-served populations in rural and remote areas and offer accessible and affordable services to cater to the needs of low-income population as well as the more affluent.
The Sri Lankan Government fully owns and supports the bank and is a key public policy institution. As a public institution dedicated to sustainable business operations, the bank takes its economic responsibilities very seriously. Despite the complex nature, the development of infrastructure is extremely important to developing the country.
After the dawn of the peace, over the last few years, the bank witnessed an accelerated growth in the infrastructure development in the country which produced the bank with greater opportunities to participate in capital formation in the economic growth. The bank took part in large syndications with commercial banks and commenced funding large projects in focused areas such as highways, water and sanitation, and health sector projects.
With a substantial percentage of its investment portfolio representing investments in Government securities, the bank contributes largely towards national development initiatives. It also supports the national economy through equity investments in different growing economic sectors.
In our four decades of existence, the bank has evolved from a home based traditional savings bank to a modern retail bank and further expanding to international operations. Now, it aspires to be the best choice for savings and investment solutions as the leader in developing the people and the country, as a key partner in nation building.
At NSB, what you see today is a bank that not only thrives on being the savings partner for Sri Lankans, but also one that is flexible, efficient, responsive and very proactive.
