NSB shows resilience and strategic growth in 20243
View(s):The National Savings Bank (NSB), unveiling its financial results for the year ended December 31, 2024, has reported a ‘remarkable’ 126 per cent increase in Profit After Tax (PAT), soaring to Rs.16.29 billion from Rs. 7.22 billion in 2023, the state savings bank said in a statement this week.
This phenomenal growth underscores the bank’s unwavering commitment to financial prudence, operational efficiency, and shareholder value enhancement.
Reflecting on the bank’s outstanding performance in 2024, NSB Chairman Dr. Harsha Cabral PC, stated, “NSB’s financial success in 2024 underscores the strength of our strategic vision, disciplined execution, and unwavering dedication to our customers and stakeholders. Despite a challenging macroeconomic environment, we have demonstrated resilience, achieving record profitability while maintaining a strong balance sheet and a stable risk profile. Our commitment to sustainable growth, prudent governance, and financial inclusivity continues to drive our long-term success. As we look ahead, we will further strengthen our role as a key pillar of Sri Lanka’s financial sector, ensuring that we create lasting value for the nation and its people.”
The bank said a pivotal driver of this exceptional performance was the 146 per cent surge in net interest income, soaring to Rs.72.78 billion from Rs.29.57 billion in 2023. This growth was achieved despite a 10 per cent year-on-year decline in interest income, primarily stemming from an accommodative monetary policy stance that resulted in subdued yields on loans and government securities. However, the substantial 34 per cent reduction in interest expenses to Rs 130.97 billion outpaced the decline in income, propelling a significant expansion in net interest income.
“By recalibrating our deposit strategies and capitalising on favourable rate environments, we have significantly strengthened our interest margins,” noted bank General Manager/CEO, Ms. Shashi Kandambi, adding: “The bank’s ability to optimise its asset-liability mix and enhance operational efficiencies has been instrumental in achieving this milestone, reaffirming its commitment to sustainable growth and value creation.”
The bank’s Profit before Tax (PBT) soared to Rs.26.43 billion, a staggering 516 per cent increase from the Rs.4.29 billion recorded in the previous year.
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