Thursday, February 22, 2024

NBS Bank profit after-tax up 146% to K18.9 billion

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Vizenge Kumwenda – Chairman for NBS Bank

Listed NBS Bank Plc has announced an increase in the profit after tax for 2022 to K18.9 billion from K7.7 billion in the previous year representing 146% attributing the stellar performance to robust strategy implementation practices.

A financial statement the Bank for the year ending 31 December 2022 signed by Board Chairman Vizenge Kumwenda, Board Director Dr Matthews Mtumbuka, Chief Executive Officer Kwanele Ngwenya and Chief Finance Officer Ernest Tembo, the Malawi Stock Exchange (MSE) listed commercial bank said the performance is exceptional despite the challenging environment which included the 25% currency depreciation, insufficient power, fuel shortages, high inflation, low economic growth, and high interest rates.

“The improved performance has been attributed to robust strategy implementation practices which enabled the Bank to be adaptive and focus on high impact areas.”

“Both Corporate and Retail segments grew significantly in the year. The Bank plans to achieve further growth through the five-year strategy covering the period from 2022 to 2026 whose focus is investment in technology, efficient Balance sheet management and providing excellent customer experience,” reads the statement in part.

“Net interest income grew by 67% in 2022 from K30.8 billion to K51.4 billion compared to a similar period in 2021 largely because of growth of the loan book and effective management of investments in money market instruments. Non-interest revenue registered an increase of 26% to K14.2 billion against K11.1 billion reported in 2021 on account of increased foreign currency trading revenues,” reads the statement.

In the outlook for the year 2023, the Bank says it expects a negative shift in economic output due to the effects of Cyclone Freddy which hit some parts of the Southern Region districts.

“The balance of risks remains tilted to the downside, but adverse risks have moderated after a sharper slowdown in 2022. Russia’s war in Ukraine will continue to weigh heavily on the global and local business environments. The Bank will continue to monitor developments and changes in the monetary policy stance to make sure it mitigates market risk,” reads part of the statement.

Meanwhile, the Bank has announced a total dividend of K9.60 billion representing 330 tambala per share.

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