Top ratings make NSB proud
As a public institution dedicated to sustainable business operations, we take our economic responsibilities very seriously. Despite the complex nature, the development of infrastructure is extremely important in developing the country
“We, at National Savings Bank (NSB) are delighted to have received this recognition of top ratings for the first time in our bank’s history from two international rating agencies, namely Standards and Poor’s Ratings Services and Fitch Ratings, as the premier savings bank in this country,” says NSB Chairperson W.W. Nalini.
Fitch Ratings has assigned NSB, long-term foreign and local-currency issuer defaulter ratings of ‘BB-‘ with stable outlook and support rating floor of ‘3’ and ‘BB-’, respectively.
Standard & Poor’s Ratings Services assigned its ‘B+’ long-term and ‘B’ short-term counter party credit rating to NSB and affirmed the outlook on the long-term rating as stable.
In the meantime, Fitch Ratings Lanka has affirmed long-term credit rating of AAA for the 11th consecutive year, making NSB the only Sri Lankan bank to have earned this recognition.
NSB, a licenced specialized bank with consolidated assets of approximately Rs.537 billion, is ranked as the third largest bank in the country in terms of deposits and the fourth largest in assets as at the end of 2012.
“We have not only focused on domestic savings but have also supported inward remittances and NRFC and RFC deposits for Sri Lankans wherever they are at work. As a trusted, guardian of incomes of migrant workers, NSB has estab- lished a network of global relationships with over 35 prominent exchange houses around the world, including Money Gram International and the Eurogiro fraternity,” Nalini said.
NSB’s extensive product portfolio has ample examples of the customer ethos it espouses, from infants to young people, to senior citizens, from housing loans, auto loans, agricultural loans to project loans and NSB products, coupled with exemplary service is the key to its success.
NSB, which was a brain child of the then Finance Minister Dr. N.M. Perera, was established in 1972 through the amalgamation of Ceylon Savings Bank, Ceylon Post Office Savings Bank and the National Savings Movement with the expressed objective of ‘promotion of savings among the people, particularly among those with limited means and the profitable investment of savings so mobilized’.
“Our bank, which started on such a humble note as a ‘home-based’ bank with just three branches at the inception, now has an extensive footprint across Sri Lanka, including 228 branches, 641 post offices and 3412 sub-post offices. We have also established 1185 school banking units governed by the objective of inculcating the habit of thrift and savings among the younger generation of the country. Our islandwide ATM network by now exceeds 244 in number,” NSB Chairperson noted.
Through these service outlets, NSB provides financial products to underserved populations in rural and remote areas and offer accessible and affordable services to cater to the needs of lowincome population as well as the more affluent.
The Sri Lankan government fully owns and supports the bank and is considered a key public policy institution.
“As a public institution dedicated to sustainable business operations, we take our economic responsibilities very seriously. Despite the complex nature, the development of infrastructure is extremely important in developing the country,” Nalini said.
After the dawn of peace, over the last few years, NSB witnessed an accelerated growth in the infrastructure development in the country, which produced the bank with greater opportunities to participate in capital formation in the economic growth. NDB took part in large syndications with commercial banks and commenced funding large projects in focused areas such as highways, water and sanitation and health sector projects.
“With a substantial percentage of our investment portfolio representing investments in government securities, we contribute largely to national development initiatives. We also support the national economy through equity investments in different growing economic sectors,” NSB Chief Executive/General Manager Hennayake Bandara said.
“In our four decades of existence, we have evolved from a home-based traditional savings bank to a modern retail bank and further expanding to international operations. Now we aspire to be the best choice for savings and investment solutions as the leader in developing the people and the country, as a key partner in nation building,” he added.