Sri Lanka’s National Savings Bank (NSB) last week reported an impressive performance during the first quarter (1Q) of 2016 with Profit after Tax (PAT) reaching Rs. 2.35 billion compared to Rs. 1.84 billion recorded during the corresponding period of last year. During the three months, the Bank recorded a Profit before Tax (PBT) of Rs.3,095 million compared to Rs.2,980 million YoY.
Deposit base of the Bank surpassed Rs.600 billion by end of March 2016 supported by the growth of both savings and fixed deposits. The Bank also witnessed a positive change in deposit mobilization mix during the first three months of the year. The total mobilization for the period was Rs. 20.3 billion which consisted of Rs. 7.5 billion in savings deposits. The total assets of the Bank increased over Rs.850 billion during the first quarter (1Q) of 2016.
Meanwhile, Non Performing Loans (NPL) ratio of the Bank has improved to 2.3% by the end of March 2016 when compared to 7.2% NPL ratio reported in the corresponding period last year, a significant achievement to further strengthen the financial health of the Bank.
The Bank’s Tier 1 capital adequacy ratio stood at 17.09% while the total capital adequacy for the reviewed quarter was 16.08%. These ratios however, remain well above the regulatory standards for well capitalized banks. Liquidity ratio of the Bank stood at 78.74% by the end of March 2016, which is well above the regulatory requirement of 20%.
In view of improving Financial and Social inclusion of the people in remote areas, the Bank added three new branches at Uhana, Udugama, Siyambalanduwa increasing the total Branch network of the Bank to 248 branches as at 31st March, 2016.
NSB has been rated as 3rd most valuable brand in 2016 by Brand Finance Lanka, a steady increase from 8th place in 2013.