Profit after tax for Malawi Stock Exchange-listed NBS Bank has grown by 58 percent in the year ended December 31 2020 to K7 billion from K4.46 billion recorded during the preceding year.
In a statement co-signed by NBS Bank Chairperson Vizenge Kumwenda and Director Mathews Mtumbuka, the bank says acceleration of its digital transformation has enhanced customer experience and streamlined internal processes.
The statement adds that, during the year under review, the bank focused on continuity of service excellence and maximising efficiencies.
“The uptake of the bank’s products on digital platforms improved as investments were made to increase network availability and reliability. The bank also upgraded its internet banking platform and Mobile App offering to ensure improved service,” the statement reads.
It says net loans and money market investments rose by 53 percent and 27 percent to K59 billion and K105 billion, respectively, whilst customer deposits increased by 27 percent year on year to K154 billion.
Net impairment charges on loans and advances were seen at K1.9 billion during the year, up from K0.8 billion in 2019, and operating expenditure was up by 11 percent compared to the prior year
Last year was faced with the Covid pandemic, which slowed economic activities due to travel and gathering restrictions the pandemic brought.
The bank says growth amid the covid pandemic and other factors that affected the landscape during the year under review demonstrates that financial institutions have remained resilient.
“This is owing to the improving prospects following the administering of the Covid vaccines which should enable the economy to transition back to pre-pandemic growth rates in the medium term,” the statement reads further.
The bank’s board has since recommended payment of a final dividend for the year ended December 31 2020 of K2.04 billion, representing 70 tambala per share.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.