NBS Bank expects half year profit after tax to be over 150%

NBS Bank plc has issued its Trading Statement for the period ending June 30, 2019 and it advises its shareholders that profit after tax for this period is expected to be approximately 150% higher than the profit recorded during the previous corresponding period.

NBS Bank chief executive officer Kwanele Ngwenya

According to the Bank’s Chief Executive Officer, Kwanele Ngwenya, the company, as according to listing requirements of the Malawi Stock Exchange, is required to publish the Trading Statement as soon as there is a reasonable degree of certainty that the financial results for the period to be reported upon next will vary by at least 20% from that of the previous corresponding period.

“The information on which this Trading Statement is based has not been reviewed or reported on by the company’s external auditors,” Ngwenya said. “A summary of consolidated and separate financial statements of the Company for the financial year ending June 30, 2019 are expected to be published not later than August 31 2019.

Under the stewardship of the new Chief Executive, Kwanele Ngwenya, the Bank seems to have gained permanent traction. In December, 2018, which was the first full year under the command of Ngwenya, the Bank registered an after tax profit of over 130% higher than the loss it recorded during the previous corresponding period.

NBS Bank, one of the registered commercial Banks in Malawi, has one of the largest footprints in Malawi which covers key areas of the country and some of the services on offer are EazyBank digital channels which include EazyMobile 322, ATMs, Point-of-Sale machines, Internet Banking and Bank Pafupi agents to avoid carrying large sums of cash which can be a security risk.

NBS Bank is also the only bank that offers Sunday Banking service in selected service centres across the country.

A  subsidiary of NICO Holdings Plc, NBS Bank  is listed on Malawi Stock Exchange and currently implementing a 5-year transformation plan which it embarked on in 2017 and this Plan is already bearing fruits as judged by profits that the bank has been posting throughout the year from significant losses in the past years.

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Truth Pains
Guest

This is what we call day light robbery, Malawians businesses are a cumulating losses day by day and they are shuting down while Banks are generating as much as 150% of profits after Tax, are you sure the same economy??? We really need interest Caping on these banks, they are indeed milking Malawians. I stoped banking with this bank NBS after I realise that how much money you can put in your account there is no benefits even their fixed deposit rate is pathetic. They only know how to deduct their monthly bundle of about Mk2100 a month for doing… Read more »

dzikotsala
Guest
dzikotsala

I closed my savings account for the reasons cited in your last paragraph. As a shareholder I can’t remember when I last got dividends from NBS bank; and I can’t sell my shares because the price is too low. Worst investment I ever made…

phakamani mahlambi
Guest

mbava izi ma customer awo angokhalira kulira izo ma profit phwiiiiiiii

Zude
Guest
Zude

This is the reason why am in support of capping,,uku ndi kuba poyelayela.

Bonney Phiri
Guest
Bonney Phiri

Better

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