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View Annual Report 2015 Annual Report 2015 Scan this QR Code with your smart device to view a version of this annual report online at http://nationstrust.com/about/investor-relations Strong. Swift. Agile. At Nations Trust Bank, these are the qualities we have focused on, rapidly growing to be one of Sri Lanka’s most energetic, resilient and progressive commercial and retail banks. Our vision to create long-term value is powered by a swiftly expanding network, advanced systems and processes and a reputation for governance and integrity that is second to none. We are one of the nation’s most innovative and responsive banks. Digital accessibility is a key strength and advanced banking technologies are the platform upon which we have built a name for speed, convenience and expertise. Today we are proud to be perfectly positioned for performance excellence, in line with the swift evolution of finance industry in Sri Lanka today. This report discusses in detail the many ways in which we create sustainable value for the diverse stakeholder groups we partner - the customers, communities, employees and associates we work with every day. The years ahead are full of promise as we leap towards our opportunities for growth; strong, swift and agile. Nations Trust Bank PLC Annual Report 2015 Contents 4-31 pg 32-111 pg Group overview Governance Vision, Mission and Values 4 Board of Directors 34 About Us 5 Corporate Management 40 An Overview of Our 2015 Report 8 Senior Management 42 Our Integrated Report 10 Investor Information 46 Operational and Financial Highlights 12 Risk Management 50 Chairman’s Message 14 Corporate Governance 66 Chief Executive Officer’s Review 18 Board Integrated Risk Management Committee Report 94 Creating Value for Stakeholders 23 Board Credit Committee Report 95 Stakeholder Engagement 24 Board Supervisory Committee Report 96 Determining Materiality 26 Board Nomination Committee Report 97 Our Strategy 28 Human Resources and Remuneration Committee Report 98 Annual Report of the Board of Directors on the Affairs of the Bank 99 Directors’ Interest in Contracts with the Bank 105 Directors’ Statement on Internal Control Over Financial Reporting 106 Auditors’ Report on Internal Control Over Financial Reporting 108 Board Audit Review Committee Report 109 2 112-171 pg 172-284 pg Management Financial Information Discussion and Analysis The Operating Environment 114 Directors’ Responsibility for Financial Reporting 174 Financial Capital 120 Independent Auditors’ Report 175 Business Line Review 128 Statement of Financial Position 176 Human Capital 148 Statement of Profit or Loss 177 Social and Relationship Capital 158 Statement of Comprehensive Income 178 Investing in Communities 162 Statement of Changes in Equity 179 Natural Capital 164 Statement of Cash Flows 180 GRI Index 167 Notes to the Financial Statements 181 Details of Freehold Land and Building 266 Service Network 267 Glossary 271 Appendix I 278 Notice of Meeting 282 Form of Proxy 283 3 Nations Trust Bank PLC Annual Report 2015 Vision We help people and businesses achieve today’s goals and tomorrow’s aspirations Mission We will work SMART to become the most respected financial services provider Values Agile Proactive Excellence Winning together Trust 4 About Us Nations Trust Bank PLC is one of Sri Lanka’s fastest growing licensed commercial banks, offering a multitude of solutions across Sri Lanka’s consumer, SME, corporate and institutional markets. A relatively new entrant to the country’s licensed commercial banking industry, the Bank’s innovative perspectives on customer convenience has enabled it to rapidly capture market share through a superior value proposition to customers. With an asset base of Rs. 176.3 Bn and a deposit portfolio of Rs. 129.1Bn as at end-December 2015. We have grown at an average of 19% over the past few years, outperforming industry expansion. Our network of 92 branches, 131 ATMs and 54 leasing centres spread across 22 districts enables us to serve over 500,000 customers and has provided us a strong platform to capture growth opportunities. The Bank’s agility and dynamism is a reflection of our people, a team of 2,695 young and vibrant professionals who live our corporate values and facilitate our customer experience. We are a technology driven Bank and the transformative ideas of our people combined with disruptive technologies has allowed the Bank to effectively deploy online and mobile platforms to enhance customer service. As a responsible corporate citizen we are fully aware of our role in creating sustainable value for the communities we operate in, whilst minimising the environmental footprint of our operations we continue to invest funds and effort in achieving our sustainability objectives. The Nations Trust Group comprises of Nations Trust Bank PLC and three subsidiaries engaged in providing specialised services. The Bank is the most significant entity within the Group, contributing approximately 94.8% of its pre-tax profit and accounting for 99.6% of the Group’s total assets. 2,695 92 131 >500,000 Branches Employees ATM’s Customers 5 Nations Trust Bank PLC Annual Report 2015 The Nations Trust Group comprises of Nations Trust Bank PLC, GROUP which is the most significant entity within the Group and three OVERVIEW subsidiaries engaged in providing specialised services. Nations Trust Bank provides a multitude of solutions across Sri Lanka’s consumer, SME, corporate and institutional markets. Knowing our Strength Our business model defines the way we create value for stakeholders and through this Report we hope to describe how we created and shared value with our key stakeholder groups during the year. Creating Value for Stakeholders p23 Scan this QR Code with your smart device to view a version of this annual report online at http://nationstrust.com/about/investor-relations Nations Trust Bank PLC Annual Report 2015 AN OVERVIEW OF OUR 2015 REPORT This year we present our 2nd Integrated Report, aimed at providing our stakeholders with a concise yet comprehensive assessment of the Group’s strategy, performance and governance. Performance is discussed in relation to the Group’s short, medium and long-term economic, social and environmental goals wherever possible. This information is set out in our Management Discussion and Analysis which is presented using a stakeholder value creation approach, risk management and corporate governance reports and financial statements. Scope and Boundary This Report covers the operations of Nations Trust Bank PLC and its subsidiaries, Waldock MacKenzie Limited, Allied Properties Limited and Nations Insurance Brokers. We follow an annual Economic Social Environmental reporting cycle and this Report covers the period from 1st of For more For more For more January to 31st of December 2015. Material events after this date information information information up to the sign off by the Board of Directors on page 26 February about Economic about Social about Environmental 2016 are included in the report to enhance value to users. Content included in the Report reflect the Group’s material aspects, which p114 p148 p164 were selected through a systematic process involving stakeholder engagement at all levels as described on page 24 of this Report. The Report provides financial and non-financial information on material developments to objectively represent the events that shaped our performance during the year and are likely to impact our future performance. We have enhanced the scope and coverage of report content in comparison to last year by combining aspects prescribed by the Global Reporting Initiative (GRI) and those specific to our industry and value creation process. We have also clearly identified how our material aspects correspond to the disclosures recommended by GRI, on page 278 of this Report. Restatements of any financial and non-financial information are duly noted. 8 Group overview 4 Governance 32 Management Discussion and Analysis 112 Financial Information 172 Standards and Principles Integrated Annual Financial Corporate Governance Sustainability Report Statements Risk Management Report Information Integrated Sri Lanka Financial Reporting Standards Code of Best Practice on Corporate Reporting Governance issued by the ICASL Framework of Banking Act and amendments thereto GRI- G4 and SEC the International Companies Act. No 7 of 2007 standards Integrated Corporate Governance rules for (Core) Reporting Council Listing Requirements of the Colombo Licensed Commercial Banks by (IIRC) Stock Exchange CBSL, Direction No.11 of 2007 Standards and Principles Standards Assurance We have enhanced the scope External assurance on the financial reports and the Director’s Statement of Internal Controls has been provided by Messrs Ernst and coverage of report and Young, Chartered Accountants. Forward looking statements content in comparison to last In reporting on our future plans and outlook, this Report contains year by combining aspects many forward looking statements indicated by the use of words such as, anticipate, target, believe, plan, may, estimate, intend and others with similar meanings. These estimates are based prescribed by the Global on our current plans, estimates and projections; therefore such statements involve inherent risks and uncertainties as a number Reporting Initiative (GRI) and of factors cause the actual result to deviate from the targeted one. As such, the Bank does not undertake any obligation to update or those specific to our industry revise forward looking statements herein, after the distribution of
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