BLANTYRE-(MaraviPost)-Listed NBS Bank has recorded a consolidated Profit-After-Tax of K32.65 billion representing 169 percent increase compared to K12.16 billion reported in a similar period of 2023.
According to the latest half-year financial performance statement released by the Bank, signed by the Board Chairperson Vizenge Kumwenda, Director Harrison Kalua, Chief Executive Officer Kwanele Ngwenya, and Chief Finance Officer Ernest Tembo, the remarkable performance was driven by the 55 percent growth of customer deposits which were invested in loans and advances by 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% above the K12.20 billion reported in the half-year ended 30 June 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,” reads part of the statement.
It further says the Bank’s total assets went up by K315 billion over the six months ended 30th 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,” reads the statement.
Looking ahead, the Bank expects continued growth of the balance sheet among others following the continued raising of cheap United States Dollar funding for Food and Agriculture and drawdowns on related approved facilities.
