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NBS Bank rates 2016 mixed bank

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Malawi Stock Exchange listed NBS Bank has rated 2016 a mixed bag of successes and challenges for the bank.

But the bank remains upbeat for a positive outlook in the year coming premising its optimism on good rains and the recent policy rate cut by the Reserve Bank of Malawi (RBM), among others.

Addressing clients at a cocktail the bank held in Blantyre Thursday night, NBS Chief Executive Officer, Benadetta Mandoloma, said prevailing macroeconomic challenges affected the operations of the bank.

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She cited high inflation, interest and unemployment rates and low returns from tobacco sales among major challenges.

“These obvious negative variances in the macroeconomic fundamentals have affected all industries in various degrees,” Mandoloma said.

She, however, expressed optimism for a possible recovery in the short to medium terms.

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Mandoloma said the recent reduction in the policy rate coupled with new fiscal policies being implemented by government, there are strong indicators of a potential turn around in the economy’s fortunes.

“All things being equal, this will translate into new investments, revived industries and increased exports. As NBS Bank, we are prepared to play a key role in working with clients as well as government to achieve this fast,” she said.

Among others, Mandoloma also touted the bank’s efforts to remain elevant on the market in the year ending by investing in both human capital and infrastructure to meet clients’ demands.

The bank has in the year also invested in new banking platforms for ease of operations according to Mandoloma.

“Apart from investments in brick and mortar, our robust internet services offers convenience to our customers which in turn promotes optimum operational efficiency,” she said.

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