By Brown Mdalla
NBS Bank says it registered impressive performance in 2020, despite the novel coronavirus (Covid-190 pandemic effects on the world economy which has led to stagnation of most businesses’ activities.
In a summary of consolidated results for the year ended December 31, 2020, NBS says its profits have jumped from K4.458 billion in 2019 to K7.050 in 2020 which represents 58 percent increase. The bank says it has managed to make significant profits despite Covid-19 prevalence because it focused on continued excellent service provision.
The statement also says, in the same year the institution’s balance sheet was robust while its capital and liquidity positions also improved. In the same year, the bank’s net loans and money market investments shot from K59 billion in 2019 representing 27 percent, to K105 billion in 2020 representing 53 percent. Customer deposits also increased by 27 percent in the same year.
“Net interest income grew impressively by 34 percent because of the growth of the loan book and increased investment in money markets investments. Non-interest income which is made up of transaction fees and forex trading income increased by 17 percent from prior year. The uptake of the bank products on digital platforms improved as investments were made to increase network availability and reliability,” reads the statement.
The bank has also disclosed in the report that it has managed to upgrade its Internet Banking platform and Mobile App to ensure there was improved service delivery.
During the year, the bank supported in the fight against Covid-19, through making a series of donations of Personal Protective Equipment (PPE) and medical equipment to some health facilities.
The bank is constantly investing in its transformation initiatives, through among others introducing biometrics as part of its identity verification process and enhancement of its partnership with the Directorate of Traffic and Road Safety Services (DTRSS) through the introduction of road traffic payments on its EazyMoble 322 platform.
“The bank also introduced internal money remittance service across its branch network by collaborating with Hello paisa and World Remit. To reinforce its drive towards financial inclusion, the bank through its agency banking arm Banki Pafupi and its ongoing partnership with Financial Access for Rural markets, Small Holder and Enterprises (FARMSE) prioritized a plan to increase visibility of the channel and educate local communities about the value of banking formally,” it says.
NBS Bank was crowned the Best Bank in Malawi at the Euromoney Awards for Excellence and Bank of the year by the Banker.
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