NSB Annual Report 2020 presented to PM
The Annual Report 2020 of National Savings Bank (NSB) was presented to Prime Minister Mahinda Rajapaksa and State Minister of Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal, at Temple Trees recently by the Chairperson of NSB, Keasila Jayawardena. The NSB Annual Report 2020, elaborates the performance of the Bank in the context of contemporary economic, social, and environmental conditions.
Despite the heightened uncertainty due to the impact of COVID-19, the performance of the Bank over the year was characterised by strength and resilience. The total asset base of the Bank grew by 17.8 per cent to Rs 1.4 trillion as at 31 December 2020 from Rs 1.2 trillion as at 31 December 2019. The Bank recorded its highest ever profit before tax and profit after tax in 2020 and both were aided by the Government’s stimulus initiatives introduced in late 2019.
The Bank’s profit before tax was Rs 15.6 billion, a 49.5 per cent increase from Rs 10.5 billion in 2019 and the Bank’s profit after tax of Rs 10.1 billion recorded a 58.4 per cent increase from Rs 6.4 billion in 2019. While the Government has responded with necessary measures to curb the spread of COVID-19, the Bank also took part in implementing Government-led relief measures, by providing the debt moratorium scheme, aimed at supporting COVID-19 affected businesses and individuals.
The NSB Chairperson said providing the moratorium for the year 2020 has been concluded successfully and offering the same for the year 2021 is in progress. She further said the Bank has introduced a special loan scheme for retired government employees at a concessionary interest rate of 6.75 per cent.
Accordingly, pensioners can obtain loans under the scheme for a repayment period of 15 years. The momentum continued during the first quarter of 2021 as well. During the period under review, the Bank’s profit before taxes, witnessed a growth of 198.2 per cent to Rs 8.3 billion and consequently, profit after tax has also recorded a growth of 276.8 per cent to reach Rs 6.7 billion compared to the Rs 1.8 billion reported in the corresponding period of last year. Secretary to the Prime Minister, Gamini Senarath, Chief of Staff of the Prime Minister, Yoshitha Rajapaksa, Chairperson of NSB, Keasila Jayawardena, and General Manager/CEO, Ajith Peiris were also present at the occasion.