Thursday, April 18, 2024

NBS Bank expects H1 profit after tax growth

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NBS company secretary Marsha Ovi Machika

NBS Bank Plc has said it expects an increase in the half year profit after tax ending June 30, 2023 to be between K11.8 billion and K12.3 billion from K5.9 billion in the same period last year.

Initially, in the First Trading Statement, the Malawi Stock Exchange listed Bank projected an increase of the half year profit after tax ending June 30 2023, to between K10 billion and K11.5 billion.

According to the latest statement released by the Bank, signed by company secretary, Marsha Ovi Machika, the increase is as a result of improved revenue.

“The company is pleased to inform the public that a reasonable degree of certainty exists that profit after tax for the half year ended 30th June 2023 is now expected to be between K11.8 billion and K12.3 billion compared to K5.9 billion reported for the half year ended 30 June 2022.

NBS Bank Head Office in Blantyre

“The change in expected profit is due to improved revenue performance and lower credit impairments in the month of June 2023 than had been the forecast at the time of issuing the First Trading Statement,” reads the statement.

Recently, during the Bank’s 19th Annual General Meeting (AGM), board chairperson, Vizenge Kumwenda also announced growth of the profit after tax from K7.7 billion to K18.9 billion representing an increase of 146% in 2022.

“The Bank invested in technology to support digital transactions; focused on development programs for its staff and customer service over the past five years. The investments allowed the Bank to offer convenience and significantly improved customer service to its customers which in turn contributed to growing transaction volumes and related income. Further, customers entrusted the Bank with more deposits in 2022 as manifested in the growth of customer deposits by 67% year-on-year,” he said.

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