Annual Report 2012 - National Savings Bank

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16A MESSAGE FROM MR SUNIL S. SIRISENACHAIRMANFour decades back, when we became areality, our founder, Dr N M Perera hadone vision in mind. A bank that wouldinculcate the virtue of saving among thepublic; a bank that would facilitate notonly the rich and the privileged but alsoencourage the rural masses to save.With my appointment as chairman ofNSB, I took it upon my duty to analyseour past, the present and to envision ourBank’s future in a national context.There’s an age - old adage which goes“Times change and we with time”.Likewise, times have certainly changedsince the days of our founding; ourcountry has emerged into a new erawhere national development is animperative. National Savings Banktoo has transformed into a dynamicentity that has consistently returnedsuperlative performances. Whileassuring you that this organisation willcontinue to pursue the principles ofenterprise, I’m also a strong proponentof the Bank’s founding principles ofinculcating the savings habit. In fact, itis high time that we, National SavingsBank set a new benchmark as thesavings leader of the country. It is timewe distinguished ourselves and stoodout from the rest as opposed to beingone of many. In this light, capitalisingon the concept of school banking willbe the key in moulding the future notonly of our bank but also of our nationin the years to come.I also believe it is important to reinforceour roots and the strong traditions,ethics and values of our past, that areintertwined with postal banking, in ourjourney forward.Competitive playing fieldOne fact is crystal clear. With virtuallylimitless options out there, this is a greattime to be a customer. We, on the otherhand, while narrowed by our Act, mustcompete with the extensive productportfolios of other commercial banks,amidst formidable competition.Hence, it is vital that we take advantageof our competitive strength being theone and only bank in Sri Lanka withgovernment guarantee on depositsand interest liability, an assurance thatdepositors’ hard earned savings willalways be safe.We need to meet the competition headon and forge our own path to achieveintended growth. We need to believe inwhat we do. We have already initiatedthis by working on our penetration andaccessibility strategy, as we believe it isbetter to be highly visible in locales thatwill embrace us and complement us thanto place ourselves in the same space andlevel as our competitors.Reaching out to the underservedOur focus for this year, as the NationalSavings Bank is to serve as a conduit inproviding a secure saving and investmentproposition to the rural masses in general,with a special focus on untapped segmentsin farming and shing industries, the selfemployedand the entrepreneurs.NSB team members are beingencouraged to interact with theseprospective stakeholders, by reachingout to them, and becoming activeparticipants in their local communities.We are a service entity and that entailsgoing to our customers and would becustomers, who have the means anddesire to save but lack the opportunity forsame. We intend to promote this cultureNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
17A MESSAGE FROM MR SUNIL S. SIRISENACHAIRMAN“NSB team membersare being encouragedto interact with theseprospective stakeholders,by reaching out to them,and becoming activeparticipants in their localcommunities.”of seeking out customers, by mobilisingbranch teams to make extensive eld visitsand strategically deploying mobile unitsto rural areas, to be based in particularlocations where the community gatherson designated days.As I mentioned earlier, I’m also highlyenthusiastic about promoting schoolbanks because this not only inculcates thesavings habit at a very young and formativeage, but also creates opportunity for longterm deposits, the funds of which couldbe channeled towards the larger macro –development canvas. With approximately9,700 schools across the island, theopportunities are many.A warm welcomeI’ve felt most welcomed by the Board ofDirectors, the CEO and the NationalSavings Bank Team. Their supporthas been immense and this has givenme added impetus to ensure that Ispearhead the Bank to newer heights.AppreciationsMany people have contributed towardsthe NSB success story this year and it ismy duty to extend them our appreciationfor their support. I am grateful to HisExcellency the President, the DeputyMinister of Finance and Planning andthe Secretary to the Treasury for theirconstant guidance. The Governor ofthe Central Bank, the Auditor General,the Attorney General and their ofcialsas well as heads of other statutorybodies must be thanked for their readyassistance. The Postmaster General andofcials of Sri Lanka Post, Postmasters,Sub Postmasters, and other ofcialshave extended vital assistance to us inour efforts to reach the grassroots-mysincere appreciations go out to them.In a customer – centric market where somany attractive options are on offer, it isthe loyalty and trust of our customersthat have driven our success – I thankeach and every one of them.The NSB Staff, who I have just begunto get to know, have struck me as aprofessional and motivated group ofpeople who truly believe in the valuesof this organisation. My thanks to allof them and I look forward to workingclosely with them to achieve our vision.I’m enthusiastic about the journey wehave embarked on, knowing full wellthat we will face challenges along theway. But when we place our age oldfundamentals side by side with ourpragmatic strategies for the future, I’mcertain we are on the right track.Sunil S SirisenaChairmanColombo28 March 2013NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
Page 1: ROOTEDANNUAL REPORT 2012
Page 5 and 6: ROOTEDNATIONAL SAVINGS BANK l ANNUA
Page 7 and 8: 5MISSIONProviding our customers wit
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Page 11 and 12: 92000Establishment of subsidiary co
Page 13 and 14: 11HOW WE PERFORMED IN 2012FINANCIAL
Page 15 and 16: 13CHAPTER 1FIRMLY ANCHOREDSTRATEGY
Page 17: 15A MESSAGE FROM MR SUNIL S. SIRISE
Page 21 and 22: 19A REVIEW BYMR. HENNAYAKE BANDARAG
Page 23 and 24: 21A REVIEW BY MR HENNAYAKE BANDARAG
Page 25 and 26: 23A REVIEW BY MR HENNAYAKE BANDARAG
Page 27 and 28: 25CHAPTER 2HOW WE PERFORMED IN 2012
Page 35 and 36: 33HOW WE PERFORMED IN 2012ECONOMIC
Page 37 and 38: 35HOW WE PERFORMED IN 2012ECONOMIC
Page 39 and 40: 37HOW WE PERFORMED IN 2012ACHIEVEME
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Page 55 and 56: 53CHAPTER 3ROOTED IN OUR HERITAGEGO
Page 57 and 58: 55ROOTED IN OUR HERITAGEGOVERNANCE
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67ROOTED 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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137CHAPTER 5BRANCHING OUT INTO NEW
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139BRANCHING OUT INTO NEW VENTURESS
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173BRANCHING OUT INTO NEW VENTURESG
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183CHAPTER 6THE RESULTS OF A CHALLE
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185THE 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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