NSB profits up

Harshini Perera

International Money Transfer Services of the National Savings Bank (NSB) will be extended to emerging markets in Korea, Israel, Italy and Germany, said the National Savings Bank Chairman, S.R. Attygalle to the Daily News Business. He said that the international money transfer service will be widened with postal branches of the respective countries.

It is expected to provide the service at a low cost through the postal branches chain.

"The migrant worker is an asset to the country. Therefore, they should be made aware of safer methods of sending their hard-earned foreign currency.

Apart from that they should be informed of the benefits they receive by adhering to safer money transfer methods," he said.

The NSB has shown a remarkable performance for the last six months ended June 30, 2009.

The bank's profit before VAT and income tax for the first half year 2009 was Rs. 4,401 million compared to Rs. 2,421 million last year. He said that the transactions widened closely on the grassroots level in the rural sectors and the public placing trust on State banks rather than private banks, have resulted in this remarkable growth this year.

Therefore, the NSB will function more on the grassroots level by expanding 'NSB Piyasa' with 25 branches all over the country. There will be five branches set up in the Northern Province soon.

The NSB is planning to introduce internet banking from September this year.

It will enable customers to enquire their account balances, fund transfers, payments of bills and other services. Mobile and SMS banking will be introduced while bill payment services are available at present.