Annual Report 2012 - National Savings Bank

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204THE RESULTS OF A CHALLENGING YEARREPORT OF THE AUDITOR GENERALOpinion - GroupIn my opinion, the consolidated nancialstatements give a true and fair view ofthe nancial position of the Bank andits subsidiary as at 31 December 2012and its nancial performance and itscash ows for the year then ended inaccordance with Sri Lanka AccountingStandards.Report on Other Legal andRegulatory RequirementThese nancial statements had beenpresented the information required bythe Banking Act, No.30 of 1988 andsubsequent amendments.Report to ParliamentMy report to Parliament in pursuanceof provisions in Article 154 (6) of theconstitution will be tabled in due course.H A S SamaraweeraAuditor GeneralNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
205THE RESULTS OF A CHALLENGING YEARSTATEMENT OF COMPREHENSIVE INCOMEBankFor the year ended 31st December 2012 2011 Change 2012 2011 ChangeNote Rs. ‘000 Rs. ‘000 % Rs. ‘000 Rs. ‘000 %Gross income 3 53,045,059 46,544,644 13.97 54,152,229 47,532,290 13.93Interest income 52,673,261 47,095,745 11.84 53,780,431 48,083,391 11.85Less: Interest expenses 39,142,492 29,296,099 33.61 40,065,973 29,979,305 33.65Net interest income 4 13,530,769 17,799,646 (23.98) 13,714,458 18,104,086 (24.25)Fee and commission income 221,709 240,768 (7.92) 221,709 240,768 (7.92)Less: Fee and commission expenses 24,481 26,553 (7.80) 27,705 33,239 (16.65)Net fee and commission income 5 197,228 214,215 (7.93) 194,004 207,529 (6.52)Net gain/(loss) from trading 6 69,939 (859,727) 108.13 69,939 (859,727) 108.13Net gain/(loss) from financial instrumentsdesignated at fair value through profit or loss 7 - - - (138,710) (135,889) 2.08Net gain / (loss) from financial investments 8 5,481 4,111 33.33 5,481 4,111 33.33Other operating income (net) 9 74,669 63,747 17.13 74,669 63,747 17.13Total operating income 13,878,086 17,221,992 (19.42) 13,919,841 17,383,857 (19.93)Less: Impairment charge for loans and other losses 10 130,935 142,632 (8.20) 130,935 142,632 (8.20)Net operating income 13,747,151 17,079,360 (19.51) 13,788,906 17,241,225 (20.02)Less: ExpensesPersonnel expenses 11 4,077,501 4,139,657 (1.50) 4,091,835 4,153,912 (1.49)Other expenses 12 2,261,322 2,120,541 6.64 2,227,664 2,092,482 6.46Operating profit before value added tax (VAT) 7,408,328 10,819,162 (31.53) 7,469,407 10,994,831 (32.06)Less: Value added tax (VAT) on financial services 1,239,069 1,564,481 (20.80) 1,248,121 1,583,762 (21.19)Operating profit after value added tax (VAT) 6,169,259 9,254,681 (33.34) 6,221,286 9,411,069 (33.89)Profit Before Income Tax 6,169,259 9,254,681 (33.34) 6,221,286 9,411,069 (33.89)Less: Income tax expenses 13 1,837,917 3,192,819 (42.44) 1,880,607 3,306,669 (43.13)Profit for the year 4,331,342 6,061,862 (28.55) 4,340,679 6,104,400 (28.89)GroupProfit attributable to:Equity holders of the Bank 4,331,342 6,061,862 (28.55) 4,340,679 6,104,400 (28.89)Profit for the year 4,331,342 6,061,862 (28.55) 4,340,679 6,104,400 (28.89)Earnings per share on profitBasic earnings per ordinary share (Rs) 14 13.54 18.94 (28.55) 12.96 18.22 (28.89)Diluted earnings per ordinary share (Rs) 13.54 18.94 (28.55) 12.96 18.22 (28.89)Profit for the year 4,331,342 6,061,862 (28.55) 4,340,679 6,104,400 (28.89)Other comprehensive income, net of taxNet gains/(losses) on re-measuring available-for-salefinancial assets (210,840) (1,239,521) (82.99) (210,840) (1,239,521) (82.99)Other comprehensive income for theyear, net of taxes (210,840) (1,239,521) (82.99) (210,840) (1,239,521) (82.99)Total comprehensive income for the year 4,120,502 4,822,341 (14.55) 4,129,839 4,864,879 (15.11)Attributable to:Equity holders of the Bank 4,120,502 4,822,341 (14.55) 4,129,839 4,864,879 (15.11)Total comprehensive income for the year 4,120,502 4,822,341 (14.55) 4,129,839 4,864,879 (15.11)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 155 and 156: 153BRANCHING OUT INTO NEW VENTURESS
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Page 185 and 186: 183CHAPTER 6THE RESULTS OF A CHALLE
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Page 253 and 254: 251CHAPTER 7ANNEXURESNATIONAL SAVIN
Page 255 and 256: 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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