NSB assets surpassed Rs 500 billion in 2012

By Lalin Fernandopulle

The assets of the National Savings Bank (NSB) exceeded Rs. 500 billion last year, NSB, GM and CEO Hennayake Bandara said. He was speaking at a ceremony to mark an official visit by Deputy Finance and Planning Minister Dr. Sarath Amunugama to the bank last week. He said that the bank had passed many milestones during its 41-year existence and added that the bank is among the top three banks in the country. The Bank’s assets in 2011 were Rs 466 billion. NSB, the premier savings bank in the country is a major contributor to national development. The bank operates 227 branches across the country.“The bank's road map has changed during the past 10-15 years from being a savings bank to be a vital component in the development of the country,” Bandara said.

NSB is one of the largest contributors to government coffers. The bank commenced foreign remittance transactions enhancing the contribution of migrant workers to the country.Dr. Amunugama said that the government has entrusted a larger role to the National Savings Bank to accelerate economic growth through transactions with foreign banks and enhance lending to major sectors such as construction.

“The bank should be open to all strata of society. It should not disregard the poor. Instead it should consider the capabilities, potential and commitment of the people,” he said. NSB Chairman, Sunil S. Sirisena said that savings in the banking sector had declined drastically over the years and added that it is a huge challenge for the bank.