NBS first half profit up 16 percent
Half year profit after tax for Malawi Stock Exchange-listed NBS Bank has increased by 16 percent to K5.1 billion from K4.4 billion recorded during the same period last year.
This is according to a published financial statement signed by the bank’s board Chairman Vizenge Kumwenda and Chief Executive Officer Kwanele Ngwenya.
The statement says net interest income grew by 23 percent during the period under review to K18 billion from K14.6 billion on the back of growth of the loan book and effective management of investments in money market instruments.
The bank resisted a 61 percent growth in customer deposits during the first six months of this year to K281 billion from K174 billion during the same period last year.
“The improvement in the bank’s performance in the first half of 2022 amidst the current environmental challenges is due to flexibility in strategy implementation which has enabled the bank to focus on high revenue generating activities,” the statement reads.
The bank says the operating environment remains challenging due to slow economic recovery from the Covid pandemic and the war in Ukraine which has disturbed supply chains.
However, the bank says it maintains a robust capital and liquidity position and is well placed to pursue opportunities of growth for the remaining part of 2022.
“The bank will continue to monitor significant development and changes in the monetary policy to make sure it mitigates market risks. The bank continues to be resilient in its performance and is positive that its turnaround journey continues in full force despite the current challenges,” he said.
The bank’s board of directors have since agreed to pay a final dividend of K2.47 billion representing 85 tambala per share from K1.75 billion representing 60 tambala per share in the preceding period.
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.
