Sri Lanka Savings Bank Limited is a Sri Lankan licensed specialised bank.[1] It is the subsidiary of the parent organisation National Savings Bank.

Corporate history

The Sri Lanka Savings Bank was established in July 2006 as a private limited company under the Banking Act No. 30 of 1988 and it was incorporated under the provisions of the Companies Act.[2] The bank obtained license to operate as a specialised bank from the Central Bank of Sri Lanka.

In October 2019, the National Savings Bank confirmed that it has officially taken over the Sri Lanka Savings Bank as a fully-owned subsidiary.[3] In March 2021, the ICRA Lanka Limited reaffirmed the credit rating of Sri Lanka Savings Bank to BBB- with immediate effect.[4]

Sri Lanka Savings Bank generated a Profit After Tax amounting to Rs. 445 million for the financial year ending 31 December 2022 and the bank recorded a significant increase in Profit After Tax by 74 percent from the previous financial year.[5] The bank reported a Profit After Tax of Rs. 255 million for the financial year ending 31 December 2021.

In 2023, Dushayanta Basnayake was appointed as the chairman of the Sri Lanka Savings Bank.[6] In 2023, according to a report by the Daily FT, Sarvodaya Development Finance had reportedly expressed its keen interest in acquiring Sri Lanka Savings Bank, as the latter was deemed to be struggling with operational inefficiencies and financial instability.[7] However, the reports about the potential acquisition of Sri Lanka Savings Bank by Sarvodaya Development Finance were brushed off by the Sri Lankan Savings Bank in response to the Daily FT article.[8]

See also

References

  1. ↑ "Sri Lanka to scrap specialized banking license". EconomyNext. 2020-01-06. Retrieved 2023-11-30.
  2. ↑ "Home". www.slsbank.lk. Retrieved 2023-11-30.
  3. ↑ "NSB takes pride in taking over Sri Lanka Savings Bank(SLSB) | National Savings Bank". National Savings Bank |. 2019-10-16. Retrieved 2023-11-30.
  4. ↑ "Sri Lanka Savings Bank: Ratings reaffirmed; Stable outlook assigned". Daily News. Retrieved 2023-11-30.
  5. ↑ Weerasooriya, Sahan (2023-04-19). "Sri Lanka Savings Bank PAT grows 74% to LKR 445 Mn". Retrieved 2023-11-30.
  6. ↑ "Dushayanta Basnayake new Chairman at Sri Lanka Savings Bank | Daily FT". www.ft.lk. Retrieved 2023-11-30.
  7. ↑ "Sarvodaya Development Finance proposes acquisition of Sri Lanka Savings Bank | Daily FT". www.ft.lk. Retrieved 2023-11-29.
  8. ↑ "Sri Lanka Savings Bank says performing exceptionally well | Daily FT". www.ft.lk. Retrieved 2023-11-29.
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