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View Annual Report 2012 What’s neA n n u a l Rexp o r t 201t2 ? Content Financial Highlights 10 Chairman's Message 18 Chief Executive Officer's Message 24 Our Journey 32 Management Discussion and Analysis 34 Financial Review 60 Board of Directors 66 Corporate Management 74 Senior Management 76 Service Network 82 Report of the Board Supervisory Committee 84 Report of the Board Audit Review Committee 85 Human Resources and Remuneration Committee Report 87 Board Nomination Committee Report 88 Board Integrated Risk Management Committee Report 90 Board Credit Committee Report 92 Annual Report of the Board of Directors on the Affairs of the Bank 93 Directors' Statement on Internal Control over Financial Reporting 99 Auditors' Report on Internal Control over Financial Reporting 101 Directors' Interest in Contracts with the Bank 102 Sustainability Report 106 Investor Information 124 Ten Year Summary 126 Risk Management 128 Corporate Governance 144 Directors' Responsibility for Financial Reporting 178 Independent Auditors' Report 179 Statement of Financial Position 180 Income Statement 181 Statement of Comprehensive Income 182 Statement of Changes in Equity 183 Cash Flow Statement 184 Notes to the Financial Statements 185 Glossary 252 Corporate Information 254 Notice of Meeting 255 Form of Proxy 257 What’s next? We’ve been making waves in our industry for a long time now, redefining just how progressive truly world-class banking services can be. Our efforts to create and maintain a distinctive profile have seen us move the goalposts each year, driving positive change and continuous improvement at every level of the bank. Last year we discussed how we planned to reach out to an even wider audience, bringing our products and services to previously inaccessible regions and markets. That went well. Now we’re making plans to extend our reach even further, as we continue to add value to our service offering and product portfolio while spreading our branch network islandwide. We’re not done yet. We know there’s lots more to accomplish. And that’s why we’ll keep asking ourselves each year: what’s next? 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 Annual Report 2012 Human Digital There’s lots you can do… Nations Trust Bank PLC 3 4 Annual Report 2012 Enabling access to a universe of enhanced and simplified services, to discover the pleasure of banking anywhere and everywhere…without restrictions or constraints. Imagine multiple new digitized services for financial transactions designed to speed up everyday life. With Nation Trust Human Digital services you can: • Check your account balances 24/7 • View your transaction history • Transfer money between your Bank accounts • Place stop payments • View 60 days of account statement information • Manage your Savings and Investments • Payments of utility bills Human Digital There’s lots you can do… Nations Trust Bank PLC 5 Human Digital also offers online services for businesses. Corporate on-line Banking This comprehensive business service enables small business and corporate customers to: • View both loan and deposit account balances • View transaction history and account details • Transfer funds between Bank accounts with Nations Trust Bank network and other Banks • Place stop payments on cheques • Request cheque books and inquire on status of cheques • Initiate and manage Letters of Credit • Inquire on foreign exchange rates. 6 Annual Report 2012 Human Digital There’s lots you can do… Exploring, testing, experimenting, being at the leading edge of technological innovation. Anticipating expectations in order to offer innovative, reliable, user- friendly and personalized services more speedily, in line with the way in which financial products are used today. Promoting closer, faster transactions between you and your bank. There are many more new experiences awaiting our customers. Nations Trust Bank PLC 7 Innovation is not always technological. Being able to call from anywhere and get an answer to any question about any service. Feeling supported in order to be able to understand all your bank’s products and services. Being free to try out and then change your mind. That is also what Human Digital is about…. putting ourselves in our customer’s position in order to make their life easier. BillPLUS! Pay with Nation Trust Nation Trust Bank’s electronic bill pay service provides you with an easy method to pay your bills online anytime. Bill Pay is easy to set up and simple to use, conveniently accessed through our online banking service. 8 Annual Report 2012 Human Digital There’s lots you can do… Nations Trust Bank PLC 9 Financial Highlights 2012 2011 Change Rs. Mn Rs. Mn % Results of the Year Operating Income 8,392 6,494 29% Profit before Income Tax 2,766 2,335 18% Income Tax Expense 815 729 12% Profit for the Year 1,951 1,607 21% At the Year End Shareholders’ Funds 10,095 8,628 17% Deposits from Customers 86,190 67,633 27% Loans and Advances (Net) 73,424 61,188 20% Total Assets 122,447 102,073 20% Information on Ordinary Share Earnings per Share (Rs.) 8.46 7.05 20% Net Assets Value per Share (Rs.) 43.78 37.42 17% Market Value at the Year End 56.00 57.00 -2% Ratios Return on Average Assets (%) 1.74 1.73 - Return on Average Shareholders’ Funds (%) 20.84 20.83 - Capital Adequacy Ratios Tier I (%) 13.82 13.42 3% Tier II (%) 18.18 17.44 4% 10 Annual Report 2012 Nation Trust Bank continued its growth momentum by surpassing all of its previous year achivements to record improved financials 86,190 73,424 17,751 10,095 61,188 67,633 8,628 14,037 12,215 11,885 6,804 44,571 48,315 44,222 35,335 4,777 09 10 11 12 09 10 11 12 09 10 11 12 09 10 11 12 Gross Income Loans & Deposits Equity Advances Note : Figures highlighted prior to year 2011 is based on Sri Lanka Accounting Standerds (SLAS) Nations Trust Bank PLC 11 Outpacing industry growth rate Bringing in more stability to the funding profile, deposits grew at a faster rate than loans and advances 27 % 86.2 BN 73.4 BN Deposits Loans and Advances Total Deposits by end 2012 Total Loans and Advances portfolio by end 2012 12 Annual Report 2012 A liquid and a well capitalized Statement of Financial Position Total assets of the Bank has grown at an annual compounding growth rate of 20% over the past three years 12 2 BN 13.2 BN 20.8 % Capital Position ROE Total capital base for the Group Return on equity for the group by by year end year end Nations Trust Bank PLC 13 Highlights 2007 - 2012 At Nations Trust Bank, our commitment to deliver sustainable returns year on year is evidenced by the profitability growth chart 42 % 28 % 25 % Profit After Tax Loans and Advances Deposits 3 Year CAGR 3 Year CAGR 3 Year CAGR Delivering sustainable returns through a well balanced growth across key performance indicators. 2009 686 Mn Rs. 2008 593 Mn Rs. 2007 505 Mn Rs. 14 Annual Report 2012 28 % 20 % Shareholders’ Fund Total Asests 3 Year CAGR 3 Year CAGR 2012 1,951 Mn Rs. 2011 1,607 Mn Rs. 2010 1,084 Mn Rs. Nations Trust Bank PLC 15 What’s been done. 16 Annual Report 2012 We’ve been busy building on the foundations laid last year… Nations Trust Bank PLC 17 Chairman’s message The kaleidoscope of global and local ramifications completely altered the course of the global economy in 2012. We at NTB were able to successfully withstand these ebbs and flows, a true testament to our strength and resilience. So much so that our post-tax profit increased by 21% from Rs. 1,607 Mn recorded in 2011 to Rs. 1,951 Mn in 2012. Building on what was achieved in the year before we grew our total asset portfolio by 20%, to cross Rs. 122 Bn by the end of 2012. A. K. Gunaratne Chairman 18 Annual Report 2012 Nations Trust Bank PLC 19 Chairman’s message Although somewhat subdued in comparison to the previous year, 2012 saw consistent growth in the Sri Lankan Banking Industry. Total assets in the banking sector topped the Rs. 5 Trillion mark signifying a growth of 20 per cent... Undisputed Strength. Enduring Resilience Sri Lanka too was somewhat impacted by the Eurozone crisis, faced with the reality of waning demand for Your bank made great strides in 2012, to record a imported goods from the region. However, with major commendable performance, a testament to our strength development work in progress, thankfully, we have and resilience against a challenging macro economic not been too severely affected by the global economic environment. We at Nations Trust Bank were determined downturn. The economy has continued to sustain its to continue our growth story, in a period where monetary growth at over 6.5% albeit a lesser pace than evidenced policy measures were being tightened, adopted to during the previous two years. However pressured by counteract rapidly rising domestic credit and continuing the country’s burgeoning trade deficit the government stress in the global economy. I am pleased to report that introduced extensive macro-economic changes in the we made a post tax profit for the year of Rs.
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