NSB Annual Report 2020 presented to PM, State Minister

Friday, 18 June 2021 00:00 - - {{hitsCtrl.values.hits}}

The Annual Report 2020 of National Savings Bank (NSB) has been presented to Prime Minister and Finance Minister Mahinda Rajapakse and State Minister of Money and Capital Market and State Enterprise, Reforms Ajith Nivard Cabraal recently at the Temple Tress by NSB Chairperson Keasila Jayawardena.

The NSB Annual Report 2020, presented for the calendar year 2020 elaborates the performance of the Bank in the context of contemporary economic, social and environmental conditions.

Despite the heightened uncertainty due to the impact of COVID-19, the performance of the Bank over the year was characterised by strength and resilience. The total asset base of the Bank grew by 17.8% to Rs. 1.4 trillion as at 31 December 2020 from Rs. 1.2 trillion as at 31 December 2019. The Bank recorded its highest ever Profit Before Tax and Profit After Tax in 2020 and both were aided by the Government’s stimulus initiatives introduced in late 2019.

The Bank’s Profit Before Tax was Rs. 15.6 billion, a 49.5% increase from Rs. 10.5 billion in 2019 and the Bank’s Profit After Tax of Rs. 10.1 billion recorded a 58.4% increase from Rs. 6.4 billion in 2019.

NSB Chairperson Jayawardena stated that providing the moratorium for the year 2020 has been concluded successfully and offering the same for the year 2021 is in progress.

The momentum continued during the first quarter of 2021 as well. During the period under review, the Bank’s Profit before Taxes, witnessed a growth of 198.2% to Rs. 8.3 billion and consequently, Profit after Tax has also recorded a growth of 276.8% to reach Rs. 6.7 billion compared to the Rs. 1.8 billion reported in the corresponding period of the last year.

The Secretary to the Prime Minister Gamini Senarath, Chief of Staff of the Prime Minister Yoshitha Rajapakse and NSB General Manager/CEO Ajith Peiris were also present at the occasion.