NBS bank- a listed organisation on the Malawi Stock Exchange (MSE) has recently announced that it has registered a 102 percent profit in the first six months of 2020 ended June 30.
According to a statement released by the bank, during the same period last, it recorded K1.4 billion profit after tax, a situation which has popped up as it has now registered K2.8 billion profit after tax.
The banks statements of financial position indicates that net income rose by 38 percent whereas customer deposits increased by 22 percent.
“Net interest income grew by 55 percent in the first half of 2020 as compared to a similar period in 2019 largely as a result of prudent management of investments in money market instruments and loan book growth.” Reads part of the statements.
An increase in the share price to 44 percent has qualified it as one of the top performing entities on MSE movement this year.
Its capital ratio now stands at 24.6 percent with an annualized return on equity at 31 percent.
Chief Executive Officer of the Bank, Kwanele Ngwenya says the results are evidence of all the hard work and diligence that has been put into turning around the organization.
He said, : “The management team has maintained a steady course in the fulfillment of the banks five year strategy in which good governance, risk management, growing a quality loan book, money market investments, robust ICT systems and hardware, and investing in the banks staff were the core of the agenda.”
Ngwenya added that the ground work for the bank has been laid and its time they start building on it.
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