NSB’s total asset base grew by 17.8% to Rs. 1.4 trillion in 2020

The Annual Report 2020 of National Savings Bank (NSB) was presented to. Prime Minister, Mahinda Rajapakse and State Minister of Money & Capital Market and State Enterprise, Reforms, Ajith Niward Kabraal, recently at the Temple Tress by the Chairperson of NSB, Mrs. Keasila Jayawardena.

Despite the heightened uncertainty due to the impact of Covid-19, the performance of the Bank over the year was characterized by strength and resilience. The Total asset base of the Bank grew by 17.8% to Rs. 1.4 Tn. as at 31 December 2020 from Rs. 1.2 Tn. 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 Bn., a 49.5% increase from Rs. 10.5 Bn. in 2019 and the Bank’s Profit After Tax of Rs. 10.1 Bn. recorded a 58.4% increase from Rs. 6.4 Bn. in 2019.

While the Government have 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 Chairperson of NSB, Mrs. Keasila Jayawardena stated that providing the moratorium for the year 2020 has been concluded successfully and offering the same for the year 2021 is in progress.

Mrs. Jayawardena further stated that the Bank has introduced a special loan scheme for retired government employees at the concessionary interest rate of 6.75%. Accordingly, the 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% to Rs. 8.3 Bn and consequently, Profit after Tax has also recorded a growth of 276.8% to reach Rs. 6.7 Bn compared to the Rs. 1.8 Bn reported in the corresponding period of the last year.