Thursday Nov 14, 2024
Thursday Nov 14, 2024
Thursday, 15 March 2018 00:55 - - {{hitsCtrl.values.hits}}
National Savings Bank (NSB) said yesterday that 2017 marked a momentous year with unprecedented benchmark in financial performance.
It said an all-round growth in core business areas complemented by new initiatives enabled the Bank to achieve a stellar Profit Before Tax of Rs. 14 billion – the-highest-ever in its history. Profit After Tax kept abreast at Rs. 9.6 billion. 
The significant growth in business volumes with an interest income of Rs.103 billion along with a gain of Rs. 1.1 billion from trading in government securities has contributed to this performance. Once more the best-ever results. Aggressive implementation of marketing plans, investments on strengthening the brand, and prudent management of risk facilitated this performance. Demonstrating sound management of its credit portfolio, the gross Non-Performing Loans (NPL) ratio decreased to 1.3%, the lowest in the banking sector. The bank’s BASEL III total Capital Adequacy Ratio stood at 13.9% as at 31 December and is expected to increase further once re-valuation gains are considered.
Alongside these achievements, the bank prudently managed its expenses arriving at an impressive Cost-to-Income ratio of 38%. Adding to the trailblazing performance, NSB also made history by becoming the first specialised bank to amass an asset base of Rs. 1 trillion.
“These achievements, as we celebrate our 46th anniversary, testify the robustness of the prag-matic strategic direction being pursued and augurs well for the future,” stated ChairmanAswin De Silva.
“The technical expertise and commitment of our team across all areas is one of our key assets. As a specialised bank, we have a clear mandate; and I’m pleased that we hold true to it, whilst recording organic growth in all core business areas,” he added.
Speaking of the future, General Manager/CEO Dammika Perera said: “As we focus on 2018 and beyond, we will augment our efforts to deliver more value to our customers through innovative products such as NSB iSaver, which has caught on well with the tech-savvy generation.”
Firmly rooted in the national economy, NSB makes a significant contribution to the development of the nation. The bank contributed Rs. 13.4 billion, in the form of taxes, levies and dividends to the Treasury.
NSB’s growing share in the remittances business, bears testimony to the confidence placed in it by Sri Lankan expatriates. The bank’s loans and advances portfolio in both retail and corporate sectors recorded an impressive 20% growth, to reach Rs. 388 billion.
The bank has contributed to the country’s infrastructure development by way of Rs.118 billion-for the State-Owned Enterprises. The bank’s deposit base too witnessed a growth of 12%, to reach Rs. 737 billion.
Reflecting the bank’s stability and reliability, the bank was reaffirmed with AAA (lka) rating by Fitch Ratings Lanka Ltd., for the 16th consecutive year. As the only State guaranteed bank and the “safest bank” in the country, NSB offers 100% Government guarantee for its customers’ deposits.
As part of the bank’s digitalisation drive, NSB launched the ‘model branch’ concept with a smart zone for digital banking. The bank will expand the model branch concept across its islandwide network in 2018.
