Malawi’s leading home-grown financial institution and one the country’s reputable bankers, NBS Bank has posted an impressive a 145 percent increase in profit after-tax in 2024.
NBS Bank, a Malawi Stock Exchange listed entity, has outlined its Avant-garde-looking growth strategy to propel it going forward.
NBS Bank Chief Executive Officer (CEO) Temwani Simwaka on Friday announced that its profit jumped from K29 billion in 2023 to a staggering K72 billion in 2024 during an investors’ conference in the commercial city of Blantyre.
Simwaka said: “The bank has not only recorded growth in profitability but also maintained balanced growth across customer acquisition and operational performance.
The NBS CEO told the conference that despite operating in a challenging economic environment characterised by high inflation and interest rates as well as rising cost of doing business, she said NBS Bank remained optimistic.
“We see significant opportunities in agriculture and agro-processing.
“We have invested heavily in our core banking system and digital platforms to ensure we are well-positioned to support economic growth and make transactions easier and more affordable for our customers,” Simwaka said.
Simwaka highlighted the success of the bank’s digital lending services, enabling customers to access personal loans in less than five minutes without physically visiting a branch.
She added that the digital transformation has also allowed the bank to extend its services to underserved areas across Malawi.
While acknowledging the risks associated with lending to the government, Simwaka stressed the importance of calculated risk-taking.
“We have raised our capital thresholds and implemented tighter credit processes to manage risk effectively,” she said.
On foreign exchange shortages, Simwaka clarified that forex supply is largely dependent on exporters, adding that the bank is investing in productive sectors and exporters to boost forex generation.
“It’s about balancing the needs of importers while growing the supply side,” she said.
Simwaka also outlined a strategic vision focused on enhancing customer experience, investing in talent, improving digital platforms for mass-market clients and deepening partnerships for growth and risk-sharing.
“We have raised our capital thresholds and implemented tighter credit processes.”
Temwani Simwaka
NBS Bank Chief Executive Officer
