NBS Bank plc has been named the leading subsidiary under Nico Holdings plc in 2020 after the conglomerate’s profits increased by 18 percent to K18.60 billion from K14.73 billion in 2019 at the back of the Bank’s performance.
This was revealed during a press conference at the weekend in Blantyre where the holding company announced its financial performance for 2020.
It has transpired that the bank posted a 58 percent profit after tax from K4.46 billion reported in 2019 to K7 billion in 2020.
Nico Holdings Plc Managing Director Vizenge Kumwenda said apart from the bank, its insurance and property management businesses were also successful in the year.
“The bank has given out more loans to its customers, the life insurance company and Nico Asset Managers have also done well so those are the three companies including the general insurance which have done well but not to our expectation,” Kumwenda said.
He further said the Covid pandemic brought increased claims on its life assurance business.
“We have sold more life insurance products where we have experienced loses but we also sold other lines like funeral policies, bancassurance policies and also Nico life has good investment portfolio which helps to pay claims,” Kumwenda said.
Nico holdings plc has subsidiaries such as NBS Bank, Nico life, Nico pensions, Nico general, Nico technologies among others.
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.