Annual Report 2012 - National Savings Bank

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186THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSwith the Generally AcceptedAccounting Principles (GAAP) appliedconsistently.Review of Business PerformanceThe Bank’s performance for thenancial year 2012 and its nancialposition were reviewed in the Messagefrom the Chairman (page 15), a reviewby General Manager/CEO (page 19)and Management Discussions andAnalysis (page 26). These reports forman integral part of the Annual Report.New Accounting Standards(SLFRS/LKAS)Sri Lanka converged fully withInternational Accounting Standards(IAS) and International FinancialReporting Standards (IFRS) with effectfrom January 2012. These Sri LankaAccounting Standards comprise of SriLanka Accounting Standards (LKAS)and Sri Lanka Financial ReportingStandards (SLFRS). Application ofLKAS & SLFRS for the rst time shallbe deemed to be an adoption of SLFRS.As required by these standards the Bankprepared its opening Statement ofFinancial Position (previously termedas Balance Sheet) as at 1 January 2011with the assumption that the Bank hadapplied these standards retrospectivelywith all the adjustments to equity beingrecognised directly on the statement ofchanges in equity.Significant Accounting PoliciesAccounting Policies have been revisedwith the adoption of LKAS/ SLFRSSignicant Accounting Policiesadopted in the preparation of FinancialStatements which are given on pages211 to 218.Directors’ Responsibilities forFinancial ReportingThe Directors are responsible for thepreparation of the Financial Statementsthat will reect a true and fair view ofthe state of affairs of the Bank. TheDirectors are of the view that Statementof Comprehensive Income, Statementof Financial Position, Statement ofChanges in equity, Cash Flow Statement,Signicant Accounting Policies andNotes there to have been prepared inconformity with the requirements ofthe Sri Lanka Accounting Standards(LKAS) and the Banking Act No. 30of 1988 and its amendments. TheDirectors’ Responsibility Statementappearing on page 195 of this AnnualReport describes in detail the Directors’Responsibilities in relation to FinancialStatements, which forms an integralpart of the Annual Report of theDirectors.Financial StatementsThe Financial Statements of the Bankand the Group have been prepared inaccordance with Sri Lanka AccountingStandards (LKAS & SLFRS) laiddown by the Institute of CharteredAccountants of Sri Lanka.The Financial Statements for the yearended 31 December 2012 are therst prepared under LKAS/SLFRS.The comparatives to these FinancialStatements were previously reportedunder SLAS and the reconciliation ofSLAS. Balance Sheet as at 31 December2011 and 01 January 2011 and SLASNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
187THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSIncome Statement for the year ended 31December 2011 with the comparativesreported under LKAS/SLFRS is givenin Note 45 to the Financial Statements.The Financial Statements of the Bankand the Group for the year ended 31December 2012 duly signed by theDeputy General Manager - Finance& Planing, General Manager/ChiefExecutive Ofcer, Chairman and oneDirectors of the Bank are given on pages205 to 250, which form an integral partof the Annual Report of the Bank.Auditors’ ReportThe Auditor General carried out theaudit of the Bank in 2012. The auditwas carried out through out the year.Issues identied in their reports weresubmitted to the management regularlyfor prompt action. Having conrmedthe accuracy of the nancial reporting,the Financial Statements, together withthe necessary data and informationwere made available to the AuditorGeneral for examination. The AuditorGeneral’s opinion on the FinancialStatements appears on page 203 of thisAnnual Report.As a regulatory supervisory body, theCentral Bank of Sri Lanka carried outa periodic examination of the recordsand affairs of the Bank to ascertaincompliance with directives issued bythe Central Bank of Sri Lanka. It alsodetermines whether required nancialindicators are being maintained at therequired level so that the interests of thestakeholders, particularly depositors aresafeguarded.Details of Prot Relating to the Bank are given in the following Table:2012 2011Rs.’000 Rs.’000Prot for the year after payment of all expenses andproviding for depreciation, Impairment Losses andcontingencies before VAT and Tax 7,408,328 10,819,162Less: VAT on Financial Services 1,239,069 1,564,481Prot before income tax 6,169,259 9,254,681Less. Taxation 1,837,917 3,192,819Net Prot after Taxation 4,331,342 6,061,862Other Comprehensive Income net of Income Tax (210,840) (1,239,521)Total Comprehensive Income for the year 4,120,502 4,822,341Attributable to:AppropriationsReserve Fund 86,627 287,957Other Reserves 1,407,521 759,607NATIONAL 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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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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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 137 and 138: 135ASSESSING AND MANAGING OUR RISK
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237THE 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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