NSB posts Rs. 3.5 billion pre-tax profit last year

The National Savings Bank (NSB) recorded a pre-tax profit of Rs. 3.5 billion and an unprecedented clientele of 15.1 million last year. The Bank's deposit base increased to Rs. 212.23 billion.

NSB Chairman Upali Gunaratna, addressing the launch of NSB annual report 2006 at the Trans Asia Hotel said that the bank took many initiatives to change from a traditional bank into a modern customer oriented retail bank.

One such initiative is to provide a total retail banking solution to customers, he said. During the year 2006, the bank tied-up with ICICI, India's second largest bank and leader in the remittance market to facilitate remittances of Sri Lankan migrant workers to their families back home.

The bank's NRFC accounts known as Ranmasu and RFC accounts known as Rata Ithuru were well-established in the remittance market with over 2,200 new accounts with total account balances of US $ 3.1 million and Euro 0.7 million.

The bank also commenced installation of ATMs throughout the country and at the end the year 2006, 40 units were installed in selected areas. At the end of the year, the bank hopes to set up an islandwide ATM network of 110 units.

Yet another important mission that was reinforced in the year 2006 is the program 'Own Building Premises' that paved the way to build branches in Battaramulla, Ambalantota, Naththandiya, Dambulla, Weligama, Vauniya, Mahiyanganaya, Wellawatte and Kotahena.

With the implementation of Intranet, the Core-Banking Solution and the expansion of branch network, the bank may look forward to more rewards in the coming year, he said.

LSAW