Annual Report 2012 - National Savings Bank

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192THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSBoard Human Resources andRemuneration CommitteesSunil S Sirisena - ChairmanP.A. Abeysekera - Member(upto 28-2-2013)R.M.P. Ratnayake - Member(from 04-03-2013)Priyantha Jayawardena - MemberThe Report of the Board HumanResources and RemunerationCommittee is given on page 98.Board Nomination CommitteeP.A. Abeysekera - Chairman(upto 28-2-2013)R.M.P. Ratnayake - Chairman(from 04-03-2013)S.T. Abeygunawardana - MemberSumith Wijesinghe - MemberThe Report of the Board NominationCommittee is given on page 101.Board Integrated RiskManagement CommitteeD.L.P.R. Abeyaratne - ChairmanLionel P. Fernando - MemberPriyantha Jayawardena - MemberThe Report of the Board IntegratedRisk Management Committee is givenon page 100.Review of OperationsBranch Expansion andDevelopmentsThe Bank extended its services throughthe addition of 9 new branches duringthe period under review. At the end ofthe year the Bank has 219 Branchesin its network. The ATM network wasfurther expanded enhancing customerconvenience. The Bank installed 10ATMs during the year across theisland bringing the total ATMs to 231excluding peer banks’ ATMs throughwhich customers of NSB can transact.Human ResourcesThe Bank continued to developand maintain dedicated and highlymotivated employees who arecommitted to create sustainable valuethrough high quality service. Signicantinvestments have been made in thedevelopment of quality of HumanCapital of the Bank. The policies andprocedures adopted by the Bank toupgrade Human Capital is describe inSustainability Report on page 160.Environmental ProtectionThe Bank has taken initiatives tosafeguard and enhance the environmentwhich are vital for sustainabledevelopment and growth of the Bank.The Bank and the Group have notengaged in any activity that is harmfulor hazardous to environment.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
193THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSStatutory PaymentsThe Directors, to the best of theirknowledge and belief, are satisedthat all statutory payments due to theGovernment and in relation to theemployees have been made in time.Risk Management, InternalControls and ManagementInformation SystemsThe Board of Directors assumes overallresponsibility for managing risk. For thispurpose, the Board of Directors haveinstituted and implemented an effectiveand comprehensive system of internalcontrols and management informationsystems in the Bank. Internal controlsystems have been redesigned to mitigatethe risks to which the Bank is exposed,to provide reasonable assurance againstmaterial misstatements or loss. Thereis an ongoing process for identifyingevaluating and managing the risks thatare faced by the Bank. The specicmeasures taken by the Bank inmitigating the risk are detailed on pages104 to 135 of this Report.Corporate GovernanceIn the management of the Bank, theDirectors have placed emphasis onconforming with, the best corporategovernance practices and procedures.Accordingly, systems and structureshave been introduced/improvedfrom time to time to enhance riskmanagement measures and to improveaccountability and transparency.Related Party TransactionsThe Directors have also disclosedthe transactions if any, that could beclassied as related party transactionsin terms of LKAS No. 24 - ‘RelatedParty Disclosures’ which is adoptedin the preparation of the FinancialStatements. Those transactionsdisclosed by the Directors are given inNote no. 39 to the Financial Statementsforming part of the Annual Report ofthe Board.Strategic Business PlanThe Bank has formulated a StrategicBusiness Plan for 2011 up to 2013.The Bank strived to operate within theparameters set out in the new BusinessPlan, which will help to accelerate thefuture momentum of NSB.Compliance with Laws,Regulations and PrudentialRequirementsThe Bank has at all times ensuredthat it complied with National SavingsBank Act and all other applicable laws,regulations and prudential requirementsapart from the TFC share transaction.Corporate Sustainability andResponsibilityThe programmes carried out underCorporate Social Responsibility aredetailed on pages 165 to 168 in theSustainability Report.NATIONAL 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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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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89ROOTED IN OUR HERITAGEGENERAL MAN
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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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243THE 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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