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View Annual Report 2013 Annual Report 2013 Your Primary Bank Content Financial Highlights /4 Chairman’s Message /10 Chief Executive Officer’s Review /14 Our Journey / 22 Management Discussion and Analysis /24 Financial Review /58 Risk Management /68 Board of Directors /86 Corporate Management /94 Senior Management /96 Sustainability Report / 102 Investor Information /124 Ten Year Summary /126 Corporate Governance /128 Board Integrated Risk Management Committee Report /161 Board Credit Committee Report /162 Report of the Board Supervisory Committee /163 Board Nomination Committee Report /164 Human Resources and Remuneration Committee Report / 165 Report of the Board Audit Review Committee /166 Annual Report of the Board of Directors on the Affairs of the Bank/ 169 Directors’ Interest in Contracts with the Bank /177 Directors’ Statement on Internal Control over Financial Reporting /179 Auditors’ Report on Internal Control over Financial Reporting /181 Directors’ Responsibility for Financial Reporting /182 Independent Auditors’ Report /183 Statement of Financial Position /186 Income Statement /187 Statement of Comprehensive Income /188 Statement of Changes in Equity /189 Cash Flow Statement /190 Notes to the Financial Statements / 191 Service Network /273 Glossary /276 Corporate Information /283 Notice of Meeting /286 Form of Proxy /287 View the Annual Report online Your bank plays a central role in your day-to-day life. Partner, friend and advisor - often a significant voice in your most life-changing decisions, your relationship with your bank can easily grow to be much more than that of principal and agent. In a competitive world of rapidly evolving industry standards, hundreds of voices vie for attention. Yet to deliver technologically superior best-in-class products and services with speed and consistency is no easy task. That’s why finding a single perfect bank is so hard. At Nations Trust, we want to be that bank. Over the last five years we have structured and built our offering to be diverse, strategic and very comprehensive. Now we are ready to take a quantum leap in the marketplace, confident of our promise to deliver world-class products and services powered by our deep local understanding of what modern Sri Lankans need and want. All this combined with an unmatched digitized service experience and an islandwide network that we are still expanding. Our vision is very clear. We are ready to take our place among the front-runners of our industry. We are ready to be every Sri Lankan’s Primary Bank. Nations Trust Bank. Your Primary Bank Annual Report 2013 1 About Us The Bank has increasingly focused on online technologies in order to deliver better, more convenient services to our customers. We understand that while personalized service is always important, the wave of the future is online access. Vision Making life simple by being the benchmark of convenience. Mission Be innovative in continuously developing customer centric solutions. Unleash the talent of our team to be the best in the industry. Consistently grow market share and be the most profitable and respected Sri Lankan bank by 2015. Values Inspirational leadership Integrity in all our dealings Open communication Learning focused Meritocracy Prudent risk management Respect for all Innovation and continuous improvement Nurture relationships Socially and environmentally responsible 2 About Us Nations Trust Bank PLC Nations Trust Bank offers a portfolio of specialised products and services including Private Banking, Inner Circle, Nations Investment Planner, Nations Salary Saver, American Express and MasterCard Credit Cards Best-In-Class Products Annual Report 2013 3 Financial Highlights Our long-term strategies and investments into the bank have delivered clear results. We realize that the future will be technology- driven and we will evolve to stay ahead. Adaptability will always be part of our plan for the future. 2013 2012 Change LKR Mn LKR Mn % Results of the Year 9,459 7,883 20 Operating Income 3,151 2,750 15 Profit before Income Tax 1,015 815 25 Income Tax Expense 2,127 1,951 9 Profit for the Year At the Year End Shareholders’ Funds 11,738 10,095 16 Deposits from Customers 95,730 86,274 11 Loans and Advances (Net) 82,327 73,424 12 Total Assets 142,128 122,447 16 Information on Ordinary Share Earnings per Share (LKR) 9.22 8.46 9 Net Assets Value per Share (LKR) 50.9 43.78 16 Market Value at the Year End 62.20 56.00 11 Ratios Return on Average Assets (%) (After Tax) 1.61 1.74 -7 Return on Average Shareholders’ Funds (%) 19.49 20.84 -6 Capital Adequacy Ratios Tier I (%) 14.78 13.82 7 Tier II (%) 20.00 18.18 10 4 Financial Highlights Nations Trust Bank PLC Gross Income Equity (LKR Mn) (LKR Mn) 20,147 11,738 17,673 10,095 8,628 11,885 2011 2012 2013 2011 2012 2013 Deposits Loans & Advances (LKR Bn) (LKR Bn) 95.7 86.3 82.3 73.4 67.6 61.2 2011 2012 2013 2011 2012 2013 Annual Report 2013 Financial Highlights 5 Financial Highlights Loans growth rate Outpacing industry growth rate of 8.8 % 12.0 % Deposits 95.7Bn Total Deposits by end 2013 Loans and Advances Total Loans and Advances 82.3Bn portfolio by end 2013 6 Financial Highlights Nations Trust Bank PLC A liquid and a well capitalized Statement of Financial Position Total assets by year end 142 Bn Capital Position Total capital base for the Group by year end 15.9 Bn ROE Return on equity for the Group by year end 19.4% Annual Report 2013 Financial Highlights 7 Highlights of 2013 Digitalization Launch of mobile banking application 28%CASA growth Recorded an impressive growth of 28% Lean Embraced lean manage- ment concepts across the business units Employees Over 2,000 dynamic, professionals, who are enthusiastic to learn, Core Banking 142Bn change and grow Commenced first phase of Total Assets the Core banking strategy Total Assets of the Bank roll out exceeded Rs 140Bn 8 Financial Highlights Nations Trust Bank PLC Awards for our HR practices & strategy Honoured with the “ Best HR Strategy in Line with Business” 200,000 cards ," HR Excellence for employee 200,000 cards engagement ” & “Institutional Nations Trust Bank's milestone achieved Deposits building” awards. MasterCards during the year. Deposit Base grew Launched our Credit and by 11% Debit MasterCard's ADB funding Expanded our Agreement with Asian delivery network Development Bank Opened 15 (ADB) for an USD 15 branches and 18 Million term lending off-site ATMs facility specifically aimed at funding 2.1Bn SMEs. Profit We understand that for us to Recorded PAT of Rs 2.1Bn, a growth of 9% compared achieve sustainable success we to the previous year must keep delivering exceptional value and service to all our stakeholders. The year 2013 was a fine example of the quality of our team and our operations. Annual Report 2013 Financial Highlights 9 Chairman’s Message A. K. Gunaratne Chairman It gives me great pleasure to present to However, despite the notable drop in you the Annual Report of your Bank for sovereign bond risk premia, any real the year 2013. I am proud to say that your growth continued to elude many countries bank has once again proven its mettle in in the Eurozone area, in the face of severe the face of yet another challenging year. austerity programs. In Japan, the bold Characterized by a series of external expansionary policy actions adopted by influences and monumental internal the monetary and fiscal authorities did change, the year was one of much manage to spark a measure of short term % transition and adjustment for the Bank. economic activity during the year. Estimated global economic It is indeed very gratifying to see how 2.9growth well the bank has adapted to change in On the other hand developing countries readiness to become your primary bank and economies in transition continued for the future. to register much healthier growth for Overview of Sri Lanka’s the year. Responding to the economic Economic Performance slowdown of the last two years, many Global Economic Survey Mirroring the trend of emerging of these economies in East Asia, South Notwithstanding improved global financial economies, Sri Lanka too continued Asia and Latin America, adopted more conditions and reduced short-term risks, to grow steadily during 2013 while expansionary monetary policies in order the world economy demonstrated only significantly outpacing global growth to strengthen domestic demand. Although tentative signs of recovery in 2013. With rates for the year. With infrastructure these steps did result in the expansion of a gradual pickup in economic activity investments spearheading the economic these economies, it was nevertheless at a observed towards the end of the year, development in the country, the country’s slower pace than expected. the global economy recorded measured performance yet again substantiated the growth of 2.9% for the year 2013. managed growth model established in the preceding year and achieved a robust The performance of key global economies estimated growth of 7.2%. Meanwhile, also displayed signs of cautious growth headline inflation remained at single during the year, led by the efforts of the digit levels and stabilized towards the US government to ignite economic growth end of the year leading to a decline in and reduce unemployment. core inflation levels. This is the lowest level recorded since March 2012 and is also the longest period that inflation has Characterized by a series of external remained at single digit levels following influences and monumental internal the liberalization of the economy. change, the year was one of much transition and adjustment for the Bank. Listen to the Your bank has once again proven its mettle in the Chairman’s face of yet another challenging year.
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