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.
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.Follow and Subscribe Nyasa TV :