NBS Bank’s profit-after-tax for the year December 31, 2024 went up by 148 percent to K73 billion from K29 billion the previous year.
The performance was largely driven by strong growth in deposits, customer loans and digital banking services.
During the year under review, the bank’s customer deposits grew by 35 percent from K539 billion to K727 billion, while the loan book grew by 53 percent to K235 billion.
The bank’s non-performing loans dropped from 4.9 percent to 4.7 percent.
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Speaking at a stakeholders’ engagement in Blantyre on Friday, NBS Chief Executive Officer Temwani Simwaka said the performance reflects broad-based gains across the bank’s operations.
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“From a profit and operational perspective, 2024 was a strong year. We invested digital lending platforms, allowing customers to access salary-backed loans in under five minutes without visiting a branch.
“This has extended our reach to areas where we have no physical presence, such as Chitipa and Nsanje,” Simwaka said.
Simwaka said the bank’s enhanced digital platforms and restructured credit processes, have contributed to better risk management and early detection of potential defaults.
The Malawi Stock Exchange-listed bank also recorded significant gains in its share price, climbing 51.5 percent from K114.90 in December 2023 to K174.07 by year-end.
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By April 2025, the share price had risen further to K343.95—a 97 percent increase since the close of 2024.
While noting that the current environment poses economic risks including high inflation, interest rates and business costs, Simwaka said the bank is well-positioned to navigate the current economic challenges by focusing on sectors with growth potential.
Investor and shareholder Benedicto Benankhoma described the bank’s trajectory as promising and urged further investment in small and medium enterprises and youth-led ventures.
