NBS Bank plc AGM in progress

Listed commercial bank, NBS Bank plc says the financial results of 2021 are reflecting the growth of the bank’s brand value.

NBS Bank Board Chairman Vizenge Kumwenda spoke during the Bank’s Annual General Meeting in Blantyre on Tuesday.

He said the Malawi Stock Exchange (MSE) listed bank reported a profit after tax of K7.692 billion compared to the profit after tax of K7.050 billion reported in 2020 which translates to 9% growth from the previous financial year amid challenges like a new wave of the Covid-19 pandemic.

NBS Bank Board member Dr Matthews Mtumbuka speaks to the press after the AGM

“NBS Bank plc rose above the turbulence to deliver a satisfactory result. This was underpinned by the uninterrupted service that the Bank delivered to its customers when they needed us most, despite the Covid 19 pandemic.”

“The 2021 results also reflect growth and improvement of the Bank’s brand value. This has been demonstrated in many aspects of our performance, from the ability to attract low-cost deposits to a rise in our market share of loans and deposits,” said Kumwenda.

Looking ahead, Kumwenda said headline inflation is expected to increase with heightened pressures emanating from food and non-food inflation as fuel pump prices, fertilizers, utilities, and food prices rise.

NBS Bank CEO Kwanele Ngwenya speaks during the AGM

“The Malawi kwacha has weakened against its major trading currencies, a situation which is projected to continue into 2022 as uncertainty grows amidst the war between Ukraine and Russia whose effects will be felt at a global scale. Foreign exchange will likely continue to be in shorter supply on the market than the demand,” explained Kumwenda.

He applauded management and staff of NBS Bank Plc for giving their best in 2021 saying they were dedicated to the vision of the organization as they adapted to the challenges of a global pandemic and delivered uninterrupted service to customers despite the continued hardship to the work environment.

“The Bank continues to thrive due to the great leadership and patriotism shown by the Red Brigade. Most importantly, great appreciation must go out to our customers, and our shareholders for their trust in the Bank to deliver as per expectation,” said Kumwenda.

Kumwenda speaks during the AGM

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