Malawi Stock Exchange-listed NBS Bank has posted a K18.9 billion profit for the year ending December 31 2022.
This represents a 146 percent jump in the profit from K7.7 billion made in 2021.
The announcement was made during the bank’s annual general meeting in Blantyre Monday.
The bank also declared a K2.6 billion final dividend, representing K0.90 per share, bringing total dividend pay out to K9.6 billion.
- Advertisement -
The dividend is 50 percent of the bank’s total profit and it has increased by 231 percent from K2.93 billion paid out in 2021.
- Advertisement -
NBS Bank Chairperson Vizenge Kumwenda said, over the past five years, the bank has intensified efforts in investing in technology to support digital transactions.
“The investments allowed the bank to offer convenience and significantly improved customer service, which in turn contributed to growing transaction volumes and related income.
“Further, customers entrusted the bank with more deposits in 2022 as manifested in the growth of customer deposits by 67 percent year-on-year,” Kumwenda said.
He said results of a customer survey for 2022 demonstrated that the bank’s customers were satisfied and loyal to the brand.
- Advertisement -
This, according to Kumwenda, is a reflection of the effort the bank has been making in addressing customer “pain points” and positioning itself in the digital era.
Minority Shareholder of Listed Companies General Secretary Frank Harawa lauded the bank for the positive performance, describing it as satisfactory.
“We are happy that, this time around, we are sharing K9 billion in dividends from around K3 billion in 2021. We can only hope that this performance continues,” Harawa said.
