Annual Report 2012 - National Savings Bank

143BRANCHING OUT INTO NEW VENTURESSUSTAINABILITY REVIEWPersonal loans are granted as perrequirement of customers on personalguarantees, or on securities.Expatriate products which are availablefor migrant workers, including adebit card introduced this year incollaboration with the Sri LankaForeign Employment Bureau. NRFC,RFC, Savings Accounts and FixedDeposits are other products offered bythe Bank.The auto loan facility is available tomake the dream of owning a vehiclewith convenient repayment options.We also provide corporate loans andproject loans for large scale projects.Scale of the OrganisationAs at 31 December 2012, NSB employed3,128 full time staff, comprising 2,647permanent employees and 481 ascontact employees.As at end December 2012, NSB had219 branches across the country, mostlocated in rural areas where thereare fewer facilities for savings andinvestments. Through NSB branches,rural communities were rescuedfrom the clutches of illegal nancialorganisations, renowned to prey on themost vulnerable and the most gullible.Most of the branches are equipped withAutomated Teller Machines (ATM)which provides 24 hour accessibility tobanking.In addition, 22 off-site ATM machineswere installed islandwide. Currently,231 ATM machines are available withinthe NSB network. POS mobilisationscontinue to grow, as the devices in theeld grew in parallel with the expansionof the branch network. POS bankinghas proved to be an immense successin providing banking solutions toencourage savings at schools, weeklyand weekend fairs, and factories.The following gures, have beenextracted from the 2012 Statementof Financial Position to indicate thenancial scale of the Bank:2012Rs.MillionTotal Assets 509,694Total Equity 24,336Income 53,045Net Interest Income 13,531Prot after Tax 4,331Significant Changes during theReporting PeriodA new Chairman and Board Memberswere appointed, following the resignationof the previous Board Members.We continued expanding our servicesduring the year under review andopened nine new branches and 793new School Banking Units.We established new relationships withforeign exchange houses in Bahrain andSouth Korea, to support the Sri Lanka’sgrowing migrant worker populations inthese countries, by facilitating secureinward remittances. In Bahrain, wehave established a relationship withBaharain Financing Company andNATIONAL SAVINGS BANK . ANNUAL REPORT 2012