Annual Report 2012 - National Savings Bank

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184THE RESULTS OF A CHALLENGING YEARFINANCIAL CALENDARFinancial Calendar 20121st Quarter Interim Results Released on 31 May 20122nd Quarter Interim Results Released on 30 August 20123rd Quarter Interim Results Released on 28 November 20124th Quarter Interim Results Released on 29 March 2013Proposed Financial Calendar 20131st Quarter Interim Results will be released on 20 May 20132nd Quarter Interim Results will be released on 19 August 20133rd Quarter Interim Results will be released on 20 November 20134th Quarter Interim Results will be released on 21 February 2014NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
185THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSGeneralThe Directors of the National SavingsBank have pleasure in presentingtheir Annual Report on the affairs ofthe Bank together with the auditedFinancial Statements of the Bank andConsolidated Financial Statements forthe year ended 31 December 2012. Thedraft Financial Statements togetherwith the Annual Report were approvedby the Board of Directors at the BoardMeeting held on 28 February 2013 andsubmitted to the Auditor General on 28February 2013. The audited FinancialStatements were authorised to be issuedon 28 March 2013. The Report alsoincludes certain disclosures requiredto be made under the Banking ActDirection No.12 of 2007 on CorporateGovernance. The Annual Report andFinancial Statements, together withthe Auditor General’s Report will besubmitted to the Ministry of Finance& Planning, on or before 31 May 2013as per Circular No. PE D/27 of 27January 2005, issued by the DirectorGeneral of the Department of PublicEnterprises to be placed before theParliament of Sri Lanka.National Savings Bank is incorporatedin Sri Lanka by National Savings BankAct No 30 of 1971 and was granted thestatus of Licensed Specialised Bank interms of Banking Act No. 30 of 1988.The Bank has been assigned AAA(lka)long term credit rating by the FitchRating Lanks (Pvt) Ltd.Review of BusinessPrincipal ActivitiesBankThe principal activity of the NationalSavings Bank is to promote savingsamong the people of Sri Lanka and tomake protable investments of savingsso mobilised.SubsidiaryThe principal activity of NSB FundManagement Company Ltd. is dealingin Government Securities as a primarydealer authorised by the Central Bankof Sri Lanka. Details are given in Note26 to the Financial Statements.There were no signicant changes inthe nature of the principal activitiesof the Bank and the Group during theyear.Vision, Mission and ValuesThe Bank’s Vision, Mission and Valuesare given on pages 4 and 5 of thisAnnual Report. The Bank maintainshigh ethical standards in its activitieswhilst pursuing the objectives statedunder ‘Vision’ and ‘Mission’. Allpermanent employees are made awareabout the Code of Conduct of Bankand are abide by it to reach the Vision& Mission of the Bank.Going ConcernThe Board of Directors have reviewedand satised that the Bank hasadequate resources to continue itsoperations in the foreseeable future.Therefore, we continue to adopt thegoing concern basis in preparing theFinancial Statements in compliancewith Sri Lanka Accounting Standards,LKAS & Sri Lanka Financial ReportingStandards (SLFRS) and in conformityNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
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ROOTEDANNUAL REPORT 2012
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ROOTEDNATIONAL SAVINGS BANK l ANNUA
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5MISSIONProviding our customers wit
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7ROOTEDFor over 40 years, the Natio
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92000Establishment of subsidiary co
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11HOW WE PERFORMED IN 2012FINANCIAL
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13CHAPTER 1FIRMLY ANCHOREDSTRATEGY
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15A MESSAGE FROM MR SUNIL S. SIRISE
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17A MESSAGE FROM MR SUNIL S. SIRISE
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19A REVIEW BYMR. HENNAYAKE BANDARAG
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21A REVIEW BY MR HENNAYAKE BANDARAG
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23A REVIEW BY MR HENNAYAKE BANDARAG
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25CHAPTER 2HOW WE PERFORMED IN 2012
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33HOW WE PERFORMED IN 2012ECONOMIC
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35HOW WE PERFORMED IN 2012ECONOMIC
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37HOW WE PERFORMED IN 2012ACHIEVEME
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39HOW WE PERFORMED IN 2012OPERATION
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51HOW WE PERFORMED IN 2012FUTURE PL
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53CHAPTER 3ROOTED IN OUR HERITAGEGO
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55ROOTED IN OUR HERITAGEGOVERNANCE
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85ROOTED IN OUR HERITAGEBOARD OF DI
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87ROOTED IN OUR HERITAGEBOARD OF DI
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89ROOTED IN OUR HERITAGEGENERAL MAN
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91ROOTED IN OUR HERITAGECORPORATE M
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93ROOTED IN OUR HERITAGEEXECUTIVE M
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95ROOTED IN OUR HERITAGEREPORT OF T
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101ROOTED IN OUR HERITAGEREPORT OF
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103CHAPTER 4ASSESSING AND MANAGING
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105ASSESSING AND MANAGING OUR RISK
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Page 139 and 140: 137CHAPTER 5BRANCHING OUT INTO NEW
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235THE RESULTS OF A CHALLENGING YEA
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251CHAPTER 7ANNEXURESNATIONAL SAVIN
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253STATEMENT OF FINANCIAL POSITION
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255TEN YEARS AT A GLANCE(Rs Mn)Year
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257OUR PRODUCTS AND SERVICESSAVINGS
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259OUR PRODUCTS AND SERVICES19. Ran
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261OUR PRODUCTS AND SERVICESOUR EXT
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263BRANCH NETWORKCentral Province1.
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265CORRESPONDENT BANKSCiti Bank NA,
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267EXCHANGE COMPANIESHabib Qatar In
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269GLOSSARYCredit RatingsAn evaluat
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271GLOSSARYReturn on Average Assets
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273CORPORATE INFORMATIONCOMPLIANCE
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Annual Report 2012 - National Savings Bank

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