NSB recorded the highest ever profit before tax of Rs. 10.5 billion for the year ended 31st December, 2014, an increase of 360% from previous year. The net profit after tax was recorded at Rs 6.9 billion, a 480% increase.
Bank mobilized Rs. 59.4 billion of deposits during the year and deposit base of the Bank recorded a growth of 10.4%. Savings deposits accounted for 44% of the total mobilization which is a significant improvement in its deposit mix of the Bank. The total deposit base of the Bank stood at Rs 554 billion as at 31st December, 2014.
Total assets also recorded a healthy growth of 19.1% and now stands at
Rs 779.5 billion as at 31st December, 2014. This growth was mainly supported by a strong growth in deposits and an issuance of a US$ 250 million bond. Loans and advances recorded a growth of 41% compared to industry growth of 13.7% during the period under review.
Despite the decline in market interest rate scenario which was prevalent for most part of the year, the interest income of the Bank stood at Rs. 74 billion, another record in its 43 year history. Higher growth in interest income and marginal decrease in interest cost helped the Bank to a 112% growth in net interest income to reachRs. 21.4 billion.
Return on average assets improved as well to reach 1.5% for the year 2014, a substantial increase from 0.4% the previous year. Prudent management of cost enabled the cost income ratio of the Bank to be lower at 44.5% as compared to 67.7% for 2013. Bank's regulatory capital adequacy ratios are also well placed with Tier 1 ratio of 20.5% and total capital ratio at 19% which is another significant improvement from the previous year. The liquidity ratio too is well above the regulatory minimum and stands at 91.5%.
The Group's pre tax profit increased by 303% to Rs. 10.8 billion as at the end of 2014 from Rs. 2.7 billion recorded at the end of 2013.
During the year under review the Bank introduced several new products in keeping with its promise to broad base its customer network. 'NSB DiviSurekum' Pension plan was one such product, which was introduced to cater to the financial needs of all senior citizens, to assist this segment to a peace of mind and betterment of living standards.
TwoPersonal Loan schemes namely, 'NSB Buddhi' and 'NSB Diriya' were introduced during the year to help students seeking higher education both locally and overseas and the SME sector, respectively.
Further widening its reach, the Bank added 7 new branches to reach a branch network of 236 by end 2014.
In another noteworthy highlight, the Bank was reaffirmed with the AAA local credit rating for the 12th consecutive year by Fitch Ratings Lanka. NSB is the first Sri Lankan Bank to receive AAA credit rating from Fitch and to maintain the same for 12 consecutive years.
International credit ratings of the Bank which is in par with the sovereign rating was reaffirmed in July 2014. The Bank obtained International Credit Rating for the first time in 2003 from Fitch Rating (BB-) stable and S&P rating (B+) stable.
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Bank mobilized Rs. 59.4 billion of deposits during the year and deposit base of the Bank recorded a growth of 10.4%. Savings deposits accounted for 44% of the total mobilization which is a significant improvement in its deposit mix of the Bank. The total deposit base of the Bank stood at Rs 554 billion as at 31st December, 2014.
Total assets also recorded a healthy growth of 19.1% and now stands at
Rs 779.5 billion as at 31st December, 2014. This growth was mainly supported by a strong growth in deposits and an issuance of a US$ 250 million bond. Loans and advances recorded a growth of 41% compared to industry growth of 13.7% during the period under review.
Despite the decline in market interest rate scenario which was prevalent for most part of the year, the interest income of the Bank stood at Rs. 74 billion, another record in its 43 year history. Higher growth in interest income and marginal decrease in interest cost helped the Bank to a 112% growth in net interest income to reachRs. 21.4 billion.
Return on average assets improved as well to reach 1.5% for the year 2014, a substantial increase from 0.4% the previous year. Prudent management of cost enabled the cost income ratio of the Bank to be lower at 44.5% as compared to 67.7% for 2013. Bank's regulatory capital adequacy ratios are also well placed with Tier 1 ratio of 20.5% and total capital ratio at 19% which is another significant improvement from the previous year. The liquidity ratio too is well above the regulatory minimum and stands at 91.5%.
The Group's pre tax profit increased by 303% to Rs. 10.8 billion as at the end of 2014 from Rs. 2.7 billion recorded at the end of 2013.
During the year under review the Bank introduced several new products in keeping with its promise to broad base its customer network. 'NSB DiviSurekum' Pension plan was one such product, which was introduced to cater to the financial needs of all senior citizens, to assist this segment to a peace of mind and betterment of living standards.
TwoPersonal Loan schemes namely, 'NSB Buddhi' and 'NSB Diriya' were introduced during the year to help students seeking higher education both locally and overseas and the SME sector, respectively.
Further widening its reach, the Bank added 7 new branches to reach a branch network of 236 by end 2014.
In another noteworthy highlight, the Bank was reaffirmed with the AAA local credit rating for the 12th consecutive year by Fitch Ratings Lanka. NSB is the first Sri Lankan Bank to receive AAA credit rating from Fitch and to maintain the same for 12 consecutive years.
International credit ratings of the Bank which is in par with the sovereign rating was reaffirmed in July 2014. The Bank obtained International Credit Rating for the first time in 2003 from Fitch Rating (BB-) stable and S&P rating (B+) stable.
www.ceylontoday.lk
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