NBS Bank touts digitization growth

NBS Bank plc Chief Executive Officer (CEO), Kwanele Ngwenya says the Bank aims to remain focused on its strategy of catching up and outgrowing the market as the Malawi Stock Exchange (MSE) listed-bank has given its shareholders a performance and value for money in terms of return and investment.

Ngwenya, during an investor forum attributed the good performance in the second quarter of the year to aggressive growth in the loan book space among other factors.

“There has been aggressive growth in the loan book space, growth in the balance sheet, and an increase in the transitional space and structure deals, those are the drivers of the revenue and the profitability of the bank,” Ngwenya said.

He added the Bank will continue to focus on 100 percent growth in profitability while developing aggressively in the digital space and taking the Bank to the community, investing more in financial inclusion and digitalization.

NBS Bank is expected to register a profit in the current year materially different from the prior year, as profit after tax for half the year ending June 30, 2023 is expected to be between K10 billion and K15 billion compared to K5.09 billion reported the same period last year.

“The engagement we had with our investors provided us an opportunity to network as we shared our financial performance to the shareholders and investors. We have also received good feedback from them.”

Shareholder Frank Harawa applauded NBS Bank for the tremendous growth in the past months adding he anticipates that the share price will continue going up.

He said in six months, Malawians have made money and one of the companies that have made this possible is NBS Bank, in December 2022 the share price of NBS Bank was K22 now it is trading at K88 you could see in the meeting that people are very happy with the performance of our Bank.