Home / Front Page/ NSB sets benchmark in 2017 financial performance

NSB sets benchmark in 2017 financial performance

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 15 March 2018 00:55


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.

Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

State of the economy of Sri Lanka

Saturday, 21 September 2019

I am not an economist nor do I profess to be an economic analyst. The views expressed in this presentation are those of a layman who has always been interested in the economic progress of Sri Lanka.

Premadasa, Père et Fils

Saturday, 21 September 2019

We are what time, circumstances and history has made of us. We are trapped in history. At age 77, I refuse to trap history in my mind. This essay is an obligation to history. Although J.R. Jayewardene introduced ‘Executive Presidentialism’, coer

Economy, business community and the Prime Minister

Friday, 20 September 2019

The speech made by Prime Minister Ranil Wickremesinghe as the Chief Guest of the Sri Lanka Economic Summit 2019 deserves very careful consideration by the country due to several reasons. This will no doubt be his last speech on economic policy to be

Sri Lanka needs to invest more on soft infrastructure

Friday, 20 September 2019

Developing countries like Sri Lanka will have to prepare for further downside risks in 2020 with the growing debt problems and the growth problems in Europe and the slowdown in Asia. Slower growth is already visible in weakening global trade and comm

Columnists More