Annual Report 2012 - National Savings Bank

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