3 days Ago By Chimwemwe Mangazi
Malawi Stock Exchange-listed NBS Bank has recorded a consolidated profit after tax of K32.65 billion, representing a 169 percent increase compared to K12.16 billion reported during the same period in 2023.
According to the latest half-year financial performance statement released by the bank and signed by its board chairperson, Vizenge Kumwenda, the “remarkable performance” was driven by a 55 percent growth in customer deposits, which were invested in loans and advances and money market instruments, resulting in higher interest. “This represents a year-on-year increase of 169 percent. Total comprehensive income amounted to K32.
32 billion, 165 percent above the K12.20 billion reported in the half-year ended June 30, 2023. “Total operating income grew by 112 percent year-on-year on the back of an increase in net interest income of 109 percent and non-interest income of 122 percent income than the income reported in a similar period of 2023,” the statement reads.
NBS Chief Executive Officer Kwanele Ngwenya said the bank’s total assets increased by K315 billion over the six-month period ended 30 June 2024 to close at K973 billion, representing an increase of 48 percent. “Customer deposits and deposits from other financial institutions were the primary drivers of the jump in total assets,” Ngwenya said. He added that, looking ahead, the bank expects continued growth of the balance sheet among other factors, following the continued raising of cheap United States Dollar funding for food and agriculture and drawdowns on related approved facilities.
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