NSB posts strong recovery in 2023; presents Annual Report to President

President Ranil Wickremesinghe receives copy of the NSB Annual Report 2023 from Chairman President’s Counsel, Dr. Harsha Cabral whilst General Manager/CEO Shashi Kandambi is also present

• Savings giant demonstrates remarkable improvement in financial health, bouncing back strongly after a difficult period marked by economic instability in 2023
• Achieves positive start for 2024 with Rs. 5.8 b after tax profit in 1Q

The National Savings Bank (NSB) yesterday announced a robust recovery as reflected in the 2023 annual report, which was presented to President Ranil Wickremesinghe. 

Despite operating in a challenging economic environment, the NSB has demonstrated significant resilience and growth, NSB said in a statement.

This impressive performance underscores the Bank’s commitment to financial stability and growth, even in the face of adverse economic conditions. The management attributes this success to strategic planning, operational efficiency, and a steadfast focus on customer service.

“The National Savings Bank, the largest Licensed Specialised Bank in Sri Lanka is pleased to present its Integrated Annual Report - 2023, themed ‘Shaping our Mettle’ reflecting its performance within the framework of the economy and its relationship to the social and environmental facets. At our core, we are an institution committed to fostering a healthy, sustainable, and secure savings protocol for all people of the Nation. Today, the Bank stands as one of the country’s strongest and safest financial institutions.

Following the concept of concise communication about the Bank’s performance, strategy, governance, and prospects in the context of its external environment, the report contains comprehensive insights about managing capital inputs and value creation process over short, medium, and long term, towards its stakeholders and a detailed analysis of the Bank’s corporate governance, risk management practices and statutory reports along with external auditor’s opinion and annual financial statements for the year ended 31 December 2023. 

The Annual Report of National Savings Bank 2023 was officially presented to President Ranil Wickremesinghe and the Minister of Finance, Economic Stabilisation, and National Policy by NSB Chairman President’s Counsel, Dr. Harsha Cabral, and to the Secretary to the President Saman Ekanayake, by the NSB General Manager/CEO Shashi Kandambi on Tuesday.

“We are navigating through challenges of internal and external drivers, interdependencies, and trade-off’s that influence our ability to create value for our stakeholders in the short, medium, and long term. NSB rose to the fore amidst these unprecedented challenges faced by Sri Lanka, delivering a stable performance for its stakeholders and supporting its customers during turbulent times to build confidence and ensure financial security. The Bank is geared to provide sustainable performance under the strong leadership of the Chairman, President’s Counsel, Dr. Harsha Cabral, the Board of Directors, GM/CEO Shashi Kandambi, and the management of the Bank, with an approach towards excelling in digitalisation,” NSB said.

Being the only Sri Lankan bank with a 100% Government Guarantee for its depositors’ money and interest, the NSB has been assigned an AAA rating and, hence hailed as the safest place for saving. Firmly rooted in the national economy as the Savings Giant, the main objective of NSB is to inculcate the savings habit, providing retail as well as corporate loans for the customers who need financial assistance and contributing to nation-building by funding long-term development projects and other socio-economic projects of the country. We serve customers from all segments of Sri Lankan society and our leading products cater to all banking needs of different age groups from infants to the elderly.

The National Savings Bank remains dedicated to providing reliable and secure financial services to its customers while contributing to the broader economic development of the country.