Malawi’s leading home-grown commercial bankers, NBS Bank plc has posted a staggering K29.4 billion in profit.
However, the Malawi Stock Exchange-listed Bank, which popularly known as the ‘Red Brigade’ has indicated that inflation is likely to remain high due to high food prices and marginal depreciation of the kwacha.
During the year under review, NBS Bank plc, a subsidiary of Nico Holdings plc, posted a 55 percent jump in profit after-tax from K18.9 billion in 2022 to K29.4 billion in 2023.
The bank’s balance sheet registered a year-on-year growth of 42 percent to close at K657.72 billion.
The bank’s board chairperson Vizenge Kumwenda said this in a statement accompanying the 2020 Annual Report that to contain inflationary pressure, interest rates are expected to remain elevated.
Kumwenda said: “Downside risks arising from the forecast El Nino weather pattern will likely weigh down on economic prospects.”
Speaking on the sidelines of a stakeholder engagement in Blantyre on Wednesday, the bank’s chief executive officer Kwenele Ngwenya said the bank is poised for growth.
Making a presentation during the investor forum in Blantyre, the bank’s Chief Financial Officer, Ernest Tembo, stated that they have registered a significant growth in their income, which is attributable to customer deposits.
The bank’s customer deposits grew by K161billion (43%) to sit at K539 billion in the same period.
“Downside risks arising from the forecast El Nino weather pattern will likely weigh down on economic prospects.”
Vizenge Kumwenda
The bank’s board chairperson
