By Taonga Sabola:
Malawi Stock Exchange-listed NBS Bank has scooped the 2018 Best Bank in Malawi award by Euromoney.
The award was presented on Wednesday at the annual Euromoney Awards for Excellence gala dinner held in London, England.
Among other things, NBS Bank was recognised for the strides taken in the 2018 financial year, which included the implementation of its five-year strategic plan as a genesis to turning around fortunes of the financial institution.
Over the past 24 months, the bank has been undergoing transformation in the way it does business to ensure the realisation of its mission of being the bank of choice in Malawi.
The turnaround has seen NBS Bank moving from reporting losses to declaring profits.
NBS Bank Chief Executive Officer, Kwanele Ngwenya, Wednesday described the award as an honour.
“This recognition confirms that our turnaround strategy is on track. The heart of our strategy has been to enrich our customers’ experience by providing convenient, innovative and affordable products and services. The bank has also invested in a range of systems and re-engineered its processes to ensure that the functionality meets customer needs. We are optimistic that 2019 will bring even greater results. We are delighted with the overwhelming support we have received from all our stakeholders, especially our shareholders and customers.
“I would also like to use this opportunity to thank our customers for the support they have rendered to the bank. The bank is back stronger than before because of them. Let me also thank the Board of Directors and Management of NBS Bank for the relentless effort to turn the bank from loss-making to profitability. I would also like to thank our hardworking and committed staff, who work tirelessly every day to serve our customers and make the NBS brand what it is today,” Ngwenya said.
Some of the criteria used to determine the Best Bank in Malawi award were strong financial performance across key metrics, a clearly differentiated business model founded on the core strengths of its franchise, an ability to adapt to changing market and regulatory conditions, innovation, and a track record of delivering on its targets to shareholders and commitment to its clients.
For almost 50 years, Euromoney has been the leading publication for covering the growth of international finance.
Over the past 12 months, its coverage has included interviews with close to 100 bank CEOs, ministers of finance and central bank governors around the world.
Euromoney’s Awards for Excellence were established in 1992 and were the first of their kind in the global banking industry.