Annual Report 2012 - National Savings Bank

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202THE RESULTS OF A CHALLENGING YEARGENERAL MANAGER / CEO’S AND DEPUTY GENERAL MANAGER’S(FINANCE & PLANNING) STATEMENT OF RESPONSIBILITYbasis. We are satised that there were nosignicant deciencies and weaknessesin the design or operation of theInternal Controls and Procedures, tothe best of our knowledge. We conrm,based on our evaluations that therewere no signicant deciencies andmaterial weaknesses in the design oroperation of internal controls and fraudthat involved management or otheremployees.The Bank’s Internal Audit Division alsoconducts periodic reviews to ensure thatthe Internal Controls and Proceduresare consistently followed.The Financial Statements of the Bankand its Subsidiary were audited by theAuditor General and Messrs KPMGFord Rhodes and Thornton CharteredAccountants. The Auditor General’sReport on the Bank’s ConsolidatedFinancial Statements is given on pages205 to 250 of this Annual Report.The Bank’s Board Audit Committee,inter alia, reviewed all the InternalAudit and Inspection Programmes, theefciency of Internal Control Systemsand Procedures and also reviewedthe Signicant Accounting Policiesand their adherence to statutory andregulatory requirements, the detailsof which are given in the Board AuditCommittee Report on page 95 of thisAnnual Report. To ensure completeindependence, the Auditor Generaland the Internal Auditors have fulland free access to the members of theBoard Audit Committee to discuss anymatter of substance. However, thereare inherent limitations that should berecognised in weighing the assurancesprovided by any system of internalcontrol and accounting. We conrmthat to the best of our knowledge The Bank and Group havecomplied with all applicable lawsand regulations and guidelines andthere are no material litigationsagainst the Group other than thosedisclosed in Note 44 on page 244 ofthe Financial Statements. All taxes, duties, levies and allstatutory payments by the Bank andthe Group and all contributions,levies and taxes payable on behalfof and in respect of the employeesof the Bank and the Group as at theBalance Sheet date have been paid,or where relevant provided for.K.B. WijeyaratneDeputy General Manager(Finance & Planning)H.M. Hennayake BandaraGeneral Manager/CEOColombo28 March 2013NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
203THE RESULTS OF A CHALLENGING YEARREPORT OF THE AUDITOR GENERALThe ChairmanNational Savings BankReport of the Auditor General onthe Financial Statements of theNational Savings Bank and itssubsidiaries for the year ended 31December 2012The audit of the nancial statements ofthe National Savings Bank (Bank) andthe consolidated nancial statementsof the Bank and its subsidiary (Group)for the year ended 31 December 2012comprising the Statement of FinancialPosition as at 31 December 2012, theStatement of Income, Statement ofComprehensive Income, Statementof Changes in Equity and Cash FlowStatement for the year then ended, anda summary of signicant accountingpolicies and other explanatoryinformation, was carried out under mydirection I pursuance of provisions inArticle 154(1) of the Constitution ofthe Democratic Socialist Republic ofSri Lanka. The nancial statements ofthe subsidiary was audited by a rmof Chartered Accountants in publicpractice appointed by the members ofthe respective subsidiary.Management’s Responsibility forthe financial statementsManagement is responsible for thepreparation and fair presentationof these nancial statements inaccordance with Sri Lanka AccountingStandards and for such internal controlas Management determines is necessaryto enable the preparation of nancialstatements that are free from materialmisstatements, whether due to fraud orerror.Auditor’s ResponsibilityMy responsibility is to express anopinion on these nancial statementsbased on my audit. I conducted my auditin accordance with Sri Lanka AuditingStandards. Those Standards require thatI comply with ethical requirements andplan and perform the audit to obtainreasonable assurance about whetherthe nancial statements are free frommaterial misstatements. An auditinvolves performing procedures to obtainaudit evidence about the amounts anddisclosures in the nancial statements.The procedures selected depend onthe auditor’s judgment, including theassessment of the risk of materialmisstatement of the nancial statements,whether due to fraud or error. In makingthose risk assessments, the auditorconsiders internal control relevantto the Bank’s preparation and fairpresentation of the nancial statementsin order to design audit procedures thatare appropriate in the circumstances,but not for the purpose of expressingan opinion on the effectiveness of theBank’s internal control. An audit alsoincludes evaluating the appropriatenessof Accounting Policies used and thereasonableness of accounting estimatesmade by management, as well asevaluating the overall presentation ofthe nancial statements.I believe that the audit evidence I haveobtained is sufcient and appropriate toprovide a basis for my audit opinion.Opinion - BankIn my opinion, the nancial statementsgive a true and fair view of the nancialposition of the Bank as at 31 December2012 and its nancial performance andits cash ows for the year then ended inaccordance with Sri Lanka AccountingStandards.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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Page 153 and 154: 151BRANCHING OUT INTO NEW VENTURESS
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Page 253 and 254: 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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