Business

NBS Bank posts K1.4 billion profit in the first half of the year

CO-SIGNED THE STATEMENT—Kumwenda

Malawi Stock Exchange (MSE)-listed NBS Bank plc has posted a K1.4 billion net profit in the six months period ending June 30, 2019 a statement of unaudited results published Thursday shows.

The profit represents a 194 percent increase from K478 million posted during same time last year but 17 percent shy of the K1.6 billion profit for 2018.

The statement signed by the bank’s Chairman, Vizenge Kumwenda, Director, Mathews Mtumbuka, Chief Executive Officer Kwanele Ngwenya, and Chief Finance Officer, Vera Zulu, says the bank is on transformation journey.

“Net interest income grew by 95 percent in 2019 compared to a similar period in 2018 largely as a result of growth of loan book and effective management of investment in money market instruments, growth is expected to come from digital channels such as mobile, internet and agency banking.

“The bank registered a 14 percent growth of customer deposits during the six months under review while loans and advances grew by 59 percent,” the statement reads in part.

However, the bank indicates that it will not pay any dividends to its shareholders to enable full turnaround of the business in 2019.

The bank turned around its fortunes in 2018 to begin posting profits after effecting a rights issue on the Malawi Stock Exchange that helped it raise K9 billion for re-investment.

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