NBS Bank sees risks, posts K29.4bn profit
Malawi StockExchange-listed NBS Bank plc says inflation is likely to remain high due to high food prices and marginal depreciation of the kwacha.
The bank’s board chairperson Vizenge Kumwenda said this in a statement accompanying the 2020 Annual Report that to contain inflationary pressure, interest rates are expected to remain elevated.
He said: “Downside risks arising from the forecast El Nino weather pattern will likely weigh down on economic prospects.”
During the year under review, NBS Bank plc, a subsidiary of Nico Holdings plc, posted a 55 percent jump in profit after-tax from K18.9 billion in 2022 to K29.4 billion in 2023 while the bank’s balance sheet registered a year-on-year growth of 42 percent to close at K657.72 billion.
Speaking on the sidelines of a stakeholder engagement in Blantyre on Wednesday, the bank’s chief executive officer Kwenele Ngwenya said the bank is poised for growth.
