NBS Bank plc Chief Executive Officer (CEO) Temwani Simwaka has attributed the Bank’s remarkable 2024 financial performance to continued investments in key sectors such as food and agribusiness, corporate and investment banking, and innovation.
Simwaka spoke during a stakeholders’ engagement in Blantyre on Friday, where she explained to journalists and stakeholders the Bank’s strategies for maintaining momentum.
NBS Bank, which is widely known as the Red Brigade, announced an increase in its profit after tax of K72.99 billion for the year ending 31 December 2024 up by 145% from K29 billion profit after tax in 2023.
“Looking at the Malawi economy, yes, the inflation and interest rates are high, the cost of doing business is also high; however, from the positive side of the economy, we are looking at the opportunities in the agriculture sector and also the Agro-processing sector. As a Bank, we made a major investment in the core banking system and also in the digital platforms.”
“So, with that, the Bank is set to drive growth in the economy, but also transact cheaply and easily, making it simple for our customers.
“One of the key areas we invested in is the digital loan for our customers, especially those on salary, which enables them to borrow in less than five minutes without coming to the Bank,” said Simwaka.
Responding to shareholders’ concerns about the Bank’s excessive lending to the government, Simwaka said that NBS Bank plc has raised its capital limits to mitigate the risk of default by the government and other borrowers from the Bank.
“Banking is about how to take a risk and mitigate it. So, as a Bank, we are open to supporting the government, at the same time, at NBS Bank, we do a capital reservation whereby we internally raise our capital limits to take advantage of not just the risk of default by the government but also other people who borrow from the Bank,” said Simwaka.
Shareholder Bernadicto Bena Nkhoma applauded the Bank’s performance.
“The Bank has taken off, it’s a great performance, and as a shareholder and indeed any other stakeholder, I see a future in this Bank, and it will continue to grow, making a lot of strides,” said Nkhoma.
“Banking is about how to take a risk and mitigate it.”
Temwani Simwaka
NBS Bank Chief Executive Officer
