COLOMBO: National Savings Bank (NSB) recorded the highest half yearly profits in its history with an impressive Profit Before Tax (PBT) growth of 68 percent as compared to same period last year.
The profitability for the first half for 2015 reached Rs. 6.2 billion with the increase mainly fuelled by growth in its traditional lines of business.
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The Profit After Tax (PAT) was reported at Rs. 3.9 billion for the first half of 2015. These profits were reported following prudent provisioning policies adopted for any adverse impact on declining gold market prices.
The Bank’s Loans and Advances grew by 6.9 percent during this period with investments in Government Securities increasing up to Rs. 519 billion. The total assets of the Bank surpassed the Rs. 800 billion milestone by end of June indicating a growth of 4.7 percent.
A concerted effort to aggressively mobilize deposits during first and second quarters reaped benefits to the tune of Rs. 21.5 billion in incremental deposit balances of which Rs. 11.9 billion generated through savings related products. The total deposits of the Bank stood at Rs. 575 billion at end of June 2015.
The Bank’s Tier 1 capital adequacy ratio stood at 19.9 percent, while total capital adequacy for the reviewed period was at 18.5 percent. These ratios remain well above the regulatory standards for well capitalized banks.
Bank will continually evaluate initiatives to further enhance business and develop infrastructure as appropriate. Further improvements in customer delivery standards could be envisaged to maintain momentum in order to build competitive advantages with focus on Information Technology.
