NBS Bank plc attributes 56% profit growth to good planning, digitization
NBS Bank plc Chief Executive Officer (CEO), Kwanele Ngwenya has attributed the Bank’s outstanding performance in the year 2023 to good planning and digitization which helps them to take advantage of business opportunities. Ngwenya was speaking during a stakeholder’s engagement in Blantyre on Wednesday, where he also explained to journalists how the Bank managed to […]
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NBS Bank plc Chief Executive Officer (CEO), Kwanele Ngwenya has attributed the Bank’s outstanding performance in the year 2023 to good planning and digitization which helps them to take advantage of business opportunities.
Ngwenya was speaking during a stakeholder’s engagement in Blantyre on Wednesday, where he also explained to journalists how the Bank managed to report a profit-after-tax of K29.38 billion in 2023 from K18.9 billion in 2022 despite numerous challenges including the devaluation of the Kwacha.
“Every challenge brings in new thinking and ways of doing things, and every time there is a challenge, we need to find ways of working around that challenge. We looked at different products that we could push through that time. We think about good days, we plan bad days, and on bad days, we plan for good days so that we always have business opportunities.”
“What happened last year was the challenging environment which allowed us to think outside the box and get our business opportunity plan into action and we performed well,” said Ngwenya.
In his presentation, NBS Bank plc Chief Financial Officer Ernest Tembo said the Bank has also registered a significant growth in its income, attributable to customer deposits which grew by 43 percent.
Shareholder Brian Kampanje applauded NBS Bank plc for the turnout over the years.
The Bank also celebrated 60 years of existence at the event.
“We are happy with the dividend and the growth. We are happy with the current position considering that the Bank was struggling in 2017 and at the blink of closing. So being able to achieve such performance from 2017 to date and clocking 60 years, we are very happy that the Bank has survived and is geared for growth,” said Kampanje.
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