By Llywellenie Mpasa:
NBS Bank plc Wednesday celebrated its 60th anniversary with a significant milestone, reporting a profit-after-tax of K29.38 billion for the financial year ending 2023.
The trajectory represents a 55 percent increase from the K18.9 billion recorded in the previous year.
Speaking at the 2024 stakeholders engagement event in Blantyre, NBS Bank Chief Executive Officer Kwanele Ngwenya attributed the success to strategic growth initiatives and a customer-centric approach.
“We did very well in a very challenging economic environment, getting our business contingent plan by having the opportunity to think outside the box. Our position, viewed from the perspective of our customers and stakeholders, is crucial to our success,” Ngwenya said.
He highlighted the business continuity plan and substantial rise in customer deposits, which fueled the bank’s outstanding results.
The bank saw its net interest income surging by K16.29 billion, driven by an expanded loan book and strategic investments on the money market.
Non-interest income saw an impressive 146 percent year-on-year increase, reaching K34.8 billion.
The return on capital was 57.1 percent, up from 51 percent in 2022.
The bank’s balance sheet closed at K657 billion on December 31 2023, marking a 42 percent increase from K472 billion in 2022.
Customer deposits rose by K161 billion, reaching K538 billion, with corporate clients leading the growth, though retail deposits also saw a notable rise.
Loans and advances increased by 15 percent, while money market investments grew by 33 percent.
Ngwenya assured stakeholders that the bank has sufficient capital to sustain future growth.
Minority Shareholders Association of Listed Companies Director Brian Kampanje said the bank’s strategic focus on growth has benefitted the stakeholders.
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