Annual Report 2012 - National Savings Bank

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194THE RESULTS OF A CHALLENGING YEARANNUAL REPORT OF BOARD OF DIRECTORSFuture PerformanceAn overview of the future developmentsof the Bank is given in the message fromthe chairman (page 15), a review byGeneral Manager/ CEO (page 19) andManagement Discussion & Analysis(page 26).Government GuaranteeThe Government of Sri Lankaguarantees the repayment of the moniesdeposited with the Bank together withinterest thereon.AuditorsThe Auditor General carried out theaudit of the Financial Statements ofthe Bank for the nancial year ended 31December 2012.For and on behalf of the Board ofDirectors,Suni S SirisenaChairmanY F DeenSecretary to the BoardColombo28 March 2013NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
195THE RESULTS OF A CHALLENGING YEARSTATEMENT OF DIRECTOR’S RESPONSIBILITY ON FINANCIAL REPORTINGThe responsibility of the Directorstowards the Financial Statementsof the National Savings Bank andConsolidated Financial Statements ofthe Group is set out in this statement.The responsibility of the ExternalAuditors in relation to the FinancialStatements is set out in the AuditorsReport in page 203.The Directors of the Bank areresponsible for ensuring that the Bankand the Group keep proper booksof account of all the transactionsand prepare Financial Statements inaccordance with Generally AcceptedAccounting Principles, Sri LankaAccounting Standards & Sri LankaFinancial Reporting Standards that givea true and fair view of the state of affairsof the Bank and the Group at the end ofeach nancial year in compliance withstatutory requirements. The FinancialStatements comprise of Statement ofComprehensive Income, Statementof Financial Position, Statement ofChanges in Equity, Statement of CashFlows, Signicant Accounting Policiesand Notes thereto.The Directors have ensured followingin preparation of the FinancialStatements:1. The accounting policies adopted toprepare the Financial Statementswere appropriate, consistentlyapplied and adequately disclosed.2. Reasonable and prudent judgmentshave been made where necessarywhen preparing the FinancialStatements.3. All applicable accounting standardsas relevant have been followed.As per the provisions of the Finance ActNo. 38 of 1971, the Banking Act No. 30of 1988 and Section 7 (i) of NSB ActNo. 30 of 1971 the Board of Directorsis required to control and administerthe affairs and the business of theBank. The Board of Directors are alsoresponsible for ensuring that properaccounting records which correctlyrecord and explain the Bank’s nancialposition, with reasonable accuracyat any point of time is determined bythe Bank, enabling preparation of theFinancial Statements.The Board of Directors accepts theresponsibility for the integrity andobjectivity of the Financial Statementspresented in this Annual Report.The Financial Statements for the year2012 prepared and presented in thisAnnual Report are consistent with theunderlying books of accounts and areconformity with the requirements ofSri Lanka Accounting Standards, SriLanka Financial Reporting Standards,Sri Lanka Accounting and AuditingStandards Act, Baking Act andDirections of Central Bank of Sri Lanka.The Board of Directors has beenresponsible for taking reasonablemeasures and care to safeguardthe Bank’s and Group’s assets andalso has instituted an effective andcomprehensive system of internalcontrols. This comprises internal check,internal audit and whole system ofnancial and other controls requiredto carry on the business of the Bank inan orderly manner, safeguard its assets,prevent and detect frauds and otherirregularities.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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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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137CHAPTER 5BRANCHING OUT INTO NEW
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139BRANCHING OUT INTO NEW VENTURESS
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141BRANCHING OUT INTO NEW VENTURESS
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245THE 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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