NSB announces ‘strong recovery in 2023’, despite challenges

The National Savings Bank (NSB) announced a robust recovery as reflected in the 2023 annual report, which was presented to President Ranil Wickremesinghe. Despite operating in a challenging economic environment, the NSB has demonstrated significant resilience and growth.

An NSB press release said: ‘This impressive performance underscores the Bank’s commitment to financial stability and growth, even in the face of adverse economic conditions. The management attributes this success to strategic planning, operational efficiency, and a steadfast focus on customer service.

‘The National Savings Bank, the largest Licensed Specialized Bank in Sri Lanka is pleased to present its Integrated Annual Report – 2023, themed “Shaping our Mettle”, reflecting its performance within the framework of the economy and its relationship to the social and environmental facets. At our core, we are an institution committed to fostering a healthy, sustainable, and secure savings protocol for all people of the Nation. Today, the Bank stands as one of the country’s strongest and safest financial institutions.

‘Following the concept of concise communication about the Bank’s performance, strategy, governance, and prospects in the context of its external environment, the report contains comprehensive insights about managing capital inputs and value creation process over the short, medium, and long term, towards its stakeholders and a detailed analysis of the Bank’s corporate governance, risk management practices and statutory reports along with external auditor’s opinion and annual financial statements for the year ended 31st December 2023.

‘The Annual Report of National Savings Bank 2023 was officially presented to President Ranil Wickremesinghe and the Minister of Finance, Economic Stabilization, and National Policy, by the chairman, NSB, President’s Counsel, Dr Harsha Cabral, and to the President’s Secretary,. Saman Ekanayake, by the General Manager/CEO, Ms. Shashi Kandambi, on May 28, at the Presidential Secretariat.

‘We are navigating through challenges of internal and external drivers, interdependencies, and trade-offs that influence our ability to create value for our stakeholders in the short, medium, and long term. NSB rose to the fore amidst these unprecedented challenges faced by Sri Lanka, delivering a stable performance for its stakeholders and supporting its customers during turbulent times to build confidence and ensure financial security. The Bank is geared to provide sustainable performance under the strong leadership of the Chairman, President’s Counsel, Dr. Harsha Cabral, the Board of Directors, GM/CEO Ms. Shashi Kandambi, and the Management of the Bank, with an approach towards excelling in digitalization.’