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NBS Bank first half profit up 55 percent

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Vizenge Kumwenda

Malawi Stock Exchange-listed NBS Bank has posted a 55 percent growth in profit-after-tax in the first half year ended June 30 2021 to K6.5 billion.

The bank has attributed the growth in profitability to its systematic positioning in line with its five-year strategy.

According to a trading statement issued Thursday and signed NBS Bank Chairperson Vizenge Kumwenda and Director Mathews Mtumbuka, the strategy aims at accelerating digital transformation, building a strong balance sheet, and enhancing efficiencies across the bank.

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The bank shows that its net interest income grew by 10 percent during the period under review while non-interest revenue grew by 35 percent.

“The improvement of the bank’s performance in the first half of 2021 amidst the current environmental challenges is due to flexibility in strategy implementation which has enabled the bank to focus on high revenue generating activities,” the statement reads.

In the statement, the bank says it was not spared from the pangs of the Covid pandemic, which has affected almost all sectors of the economy.

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Going forward, NBS Bank projects mixed fortunes for the economy but says there is a ray of hope, thanks to the intensified Covid vaccination drive in the country.

“The bank continues to be resilient in its performance and is positive that its turn-around journey continues in full force despite the current challenges in the operating environment and projects a good 2021 and beyond,” the statement adds.

The bank’s board has since recommended a K1.75 billion dividend payment for the period under review, representing 60 tambala per share.

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