Business
NSB taking the lead to tackle the ‘challenges of our times’
A dawning of a new year is always an occasion for renewed hope, rejuvenating wishes and expectations. For us at NSB, the dawning of year 2022 is ever so special as it marks a significant milestone in our remarkable journey as the premier savings institution of the island as we are poised to commemorate our Golden Jubilee in the new year of 2022.
In retrospect of our journey so far, we can be proud of the achievements of NSB over five decades as a Banking partner for all segments of society. In 2021, the year that we have just bid farewell to, we have put up a record-breaking performance as far as the profit and deposit mobilization are concerned. During the year, we have recorded more than Rs. 192 Bn by way of deposit mobilization, and with a stellar performance of a Profit Before Tax (PBT) of approximately Rs. 25.9 Bn and a Profit After Tax (PAT) of approximately Rs. 20.2 Bn, National Savings Bank (NSB) has showed strength and continuous financial resilience amidst challenges.
We as an institution entering our 50th year of operations, stand tall as the largest and the safest specialized Bank in the country, and is the only such institution in the island backed by 100% explicit Government guarantee. By fostering the savings habit, NSB operates personal wealth creation; and by acting as a financial intermediary on national scale, we productively channel savings into investment for the development of the country’s economy.
Our Mission is to “provide our customers with total financial solutions to optimize their savings and investment needs, while meeting the expectations of all our stakeholders.” As the banking sector becomes more competitive and is faced with unprecedented challenges in the odds presented by the COVID -19 pandemic, it is more essential to remain true to our values and mission.
As the largest and the safest specialized Bank in the country, we take our duty to do everything in our capacity to serve our customers very seriously. Hence, practicing responsible lending, conducting business with fairness, transparency, and integrity; creating meaningful social impact by providing financial inclusion, particularly for the unbanked and the underbanked is at our core, which we will ensure as always in the new year.
As always, the safety and security of our customers’ savings is the bedrock of our institution and the key element of our value proposition, as a Bank specialized in saving. As a result, the Bank has a long-standing culture of operating ethically and with integrity, astute corporate governance, and effective risk management.
We also take pride in announcing that the Bank has been recognized and awarded as the 5th most valuable brand in Sri Lanka by the Brand Finance Lanka Ltd with a brand value of USD 166 Mn. In 2021, NSB was recognized at the Sri Lanka’s first ever gender equality awards as one of the top 10 Women Friendly Workplaces. Moreover, National Savings Bank has also been recognized as one of the 10 Most Admired Companies in Sri Lanka in 2021 by the International Chamber of Commerce Sri Lanka (ICCSL), in collaboration with the Chartered Institute of Management Accountants (CIMA), which speaks volumes of the value we create and add to the Sri Lankan economy and community.
To foster a savings culture among all Sri Lankans that come from all walks of life, and work towards financial and digital inclusion, we at NSB have focused on strengthening our digital as well as physical footprint. Accordingly, the Bank has increased its branch network to 261 branches along with 292 ATMS and 89 CRMs. Further, we have been able to introduce “NSB Pay” App, a mobile payment system enabling our customers to accomplish their daily banking needs safely and efficiently while enjoying an uninterrupted service during these difficult times.
In retrospect, digitalization is a key focus area on which we have focused in the past year. The demand for digital products and services during the recent years, especially with the pandemic, has acted as a catalyst, driving our digital transformation forward. At NSB, we believe that the promise of digitalization is not about technology for technology’s sake. Even beyond the benefits of streamlining operations, enhancing productivity, and realizing cost efficiencies, we approach digitalization in a way that deeply resonates with our brand: as a tool for financial inclusion, enabling the financial systems and solutions to be more accessible to all and sundry.
Therefore, increased accessibility is at the heart of the digital value proposition that we are building at the Bank- allowing all our stakeholders, no matter what strata or location, to benefit from the rapid technological advances that are underway. Accordingly, in 2022, we will be implementing the new core banking system, with all services reengineered to align with industry requirements and regulatory requirements and pave the way towards a fully automated secure digital platform.
With these steps, together with corresponding internal talent and capacity development, the Bank will be positioned at the forefront of the digital banking space and be able to make the maximum use of our distinctive identity in 2022. As such, 2022, will be a crucial year in taking a leap forward in our Bank’s digital strategy and entering a digital era.
Our staff is an unwavering factor behind every success that we reach, and we will rely on them to drive our success in 2022. We wish to place on record our sincere gratitude to our staff for the teamwork and dedicated service to the Bank throughout, and especially in the last couple of difficult years. And our customers too, have our deepest gratitude for their trust in us notwithstanding the challenges of the COVID 19 pandemic that upended the social, economic climates as never before. Your continued confidence in us reaffirms our sense of purpose. Thus, we will continue to play our part true to our word as the safest place for your money in this new year.
We wish to assure that NSB remains guided by its essential values and mission amidst the changes and challenges presented by the environment, and while the shape of banking will change, our responsibilities and commitment to our purpose will remain unchanged.
Together we have come along way, and the path ahead that we have to traverse together is longer. We live in an era of unprecedented uncertainty owing to a global pandemic that has spared no region, country or individual from its impact. In such a global, financial, societal climate, if we are to forge our way forward in a positive light, it is imperative that we embrace one vision in a collaborative effort.
As we now march forward to our 50th Anniversary in banking, we are confident that all members of “NSB Family” will contribute greatly together, through commitment and dedication to take the Bank forward to the next phase of development and to go forward from strength to strength in serving our customers.
NSB family wishes all our valued customers, other stakeholders, and all Sri Lankans a happy and safe new year in 2022, the year of our Golden Jubilee.
Recommends prudent policy choices and regional collaboration
The Asian Development Bank (ADB) has highlighted Sri Lanka’s economic recovery as exceeding initial expectations in its Asian Development Outlook April 2025 report, but cautioned that the rebound remains fragile, with significant risks posed by global trade tensions, fiscal pressures, and unresolved debt vulnerabilities.
The following are some key highlights from the report:
Sri Lanka’s economy is projected to grow at a moderate pace in 2025–2026, driven by broad-based improvements. However, domestic demand is expected to stay sluggish, reflecting lingering challenges from the country’s recent economic crisis. While fiscal consolidation efforts remain on track bolstered by stronger-than-anticipated revenue. With that said, however, the ADB warned that under-execution of capital spending or a loss of reform momentum could derail progress.
Takafumi Kadono, ADB Country Director for Sri Lanka, brings profound expertise in both macro and microeconomic dynamics, steering transformative development support tailored to Sri Lanka’s evolving needs
After a period of deflation, Sri Lanka’s inflation is forecast to rise in 2025 due to higher electricity tariffs, relaxed import restrictions, wage hikes, and exchange rate depreciation. The government’s commitment to fiscal discipline faces pressure from potential expenditure increases, even as external debt interest payments resume, pushing the current account into deficit.
The ADB’s analysis of new US tariffs, identifies Sri Lanka as vulnerable to trade disruptions. Key risks include:
Sri Lankan exporters, particularly in sectors with thin profit margins, face order cancellations and profit losses.
Competitors like India, Malaysia, and Mexico—benefiting from lower US tariffs—could attract investment away from Sri Lanka.
Full implementation of tariffs could slash GDP growth by depressing exports, manufacturing, and investor confidence, while raising unemployment and fiscal strains.
To mitigate risks, the ADB urges Sri Lanka to diversify export markets and products. Opportunities include expanding into niche EU markets and Asian regional partners, as well as boosting high-value sectors like electronics. Strengthening regional cooperation and accelerating structural reforms could enhance resilience.
Despite progress under its IMF program, Sri Lanka’s debt burden remains “high,” requiring sustained reforms to stabilise public finances. The ADB emphasised that fiscal reversals or delays in restructuring could undermine macroeconomic stability.
While South Asia remains the fastest growing subregion fueled by India’s robust domestic demand, Sri Lanka’s trajectory is distinct, marked by post-crisis recovery challenges. Developing Asia’s overall growth is moderating due to US-China trade tensions and China’s property sector woes, further complicating Sri Lanka’s external environment.
“Sri Lanka’s recovery is commendable but incomplete,” the report states. “Accelerating reforms, safeguarding fiscal discipline, and diversifying trade partnerships are critical to navigating global headwinds and ensuring long-term stability.”
As Sri Lanka balances optimism with fragility, the ADB’s outlook underscores the urgency of maintaining reform momentum while preparing for escalating external risks. The path to sustained recovery, concludes, hinges on prudent policy choices and regional collaboration.
By Sanath Nanayakkare
Business
HOPPR Unveiled: PayMaster’s latest innovation that transforms ride-hailing and digital credit access
PayMaster, the leading, award-winning digital payments app in Sri Lanka, has announced its launch of HOPPR, a cutting-edge ride-hailing feature that will transform the market by providing all stakeholders from drivers and customers with financial independence through digital payments and credit access. More than just a ride-hailing service, HOPPR is a tool for financial empowerment that works in unison with PayMaster to allow users to schedule rides without using cash and to open up long-term revenue streams.
A sustainable revenue strategy is established by its unique referral system, which allows drivers to receive lifetime earnings for each user referred, emphasizing that both passengers and drivers are not just participants but valued stakeholders of the platform. Additionally, CREDDY, an AI-powered credit system that acknowledges informal income streams, is connected with HOPPR where drivers can obtain revolving credit of up to Rs.50,000 at 0% interest through CREDDY for everyday expenses, fuel, and vehicle repairs, assisting in closing gaps in their finances and fostering financial stability.
Ransika De Silva, Director/CEO of PayMaster, stated, “With HOPPR, we have built a driver-centric system where each ride is an opportunity to earn, save, and grow financially rather than just a journey. We are changing the financial landscape for gig workers and informal earners, starting with ride-hailing, digital payments, credit access and future expansion into areas for informal income.”
PayMaster is a one-stop app for payments that makes transactions in Sri Lanka easy. From local money transfers, receiving money from around the globe to a local account within two seconds, paying bills, and topping up mobile accounts, users can now also use ride-hailing services thanks to HOPPR. PayMaster, a fully owned subsidiary of Singapore-based FinTech FirstPay (Pte) Ltd, guarantees the highest international security standards by following the criteria for mobile apps from the Central Bank of Sri Lanka (CBSL) and submitting to frequent security assessments conducted by a globally reputed auditing firm.
The CSE opened yesterday in a bullish manner after US President Donald Trump announced a 90-day pause on enforcing increased tariffs on exports.
President Trump said he is ordering a pause on ‘reciprocal’ tariffs slammed on Sri Lanka and other countries after 75 countries offered to negotiate, amid a collapse of stock markets, but a 10 percent tax would remain. Many stock markets around the world were back in the green.
The All Share Price Index was trading up on 693 points within the first half hour of opening and the more liquid S&P SL20 was up 6.42%, or 286 points, at 4,632.00.
Turnover was Rs 6.1 billion with ten crossings. Those crossings were reported in JKH which crossed 30.7 million shares to the tune of Rs 607 million and its shares traded at Rs 20.10, Sampath Bank 3.7 million shares crossed for Rs 419 million; its shares traded at Rs 150, Commercial Bank 2.2 million shares crossed for Rs 151 million; its shares traded at Rs 125.
Singer (Sri Lanka) 1.5 million shares crossed for Rs 52.5 million; its shares traded at Rs 35, Vidul Lanka 3.7 million shares crossed for Rs 49.4 million; its shares traded at Rs 13.50, People’ Leasing 2 million shares crossed to the tune of Rs 35 million; its shares sold at Rs 2.70, HNB 100,000 shares crossed to the tune of Rs 30.5 million, Hemas Holdings 210,000 shares crossed for Rs 23.4 million; its shares traded at Rs 117, LMF 500,000 shares crossed to the tune of Rs 21.4 million; its shares fetched Rs 42.70 and DFCC 200,000 shares crossed to the tune of Rs 20 million; its shares traded at Rs 100.
In the retail market top six companies that have mainly contributed to the turnover were; Sampath Bank Rs 709 million (6.2 million shares traded), Commercial Bank Rs 626 million (4.4 million shares traded), HNB Rs 619 million (two million shares traded), JKH Rs 346 million (three million shares traded), RIL Properties Rs 164 million (10.3 million shares traded) and Brown’s Investments Rs 161 million (22.1 million shares traded).During the day 212 million shares volumes changed hands in 23287 transactions.
Yesterday, US dollar buying rate was Rs 297.50, while the selling rate was Rs 298.60.
By Hiran H Senewiratne
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