By the end of 30th June 2019, NBS Bank will have posted a 150% profit increase, according to a prediction by NBS Bank Company Secretary, Marsha Machika, said the bank was expected to publish results of the half year financial performance before August 31.
From a profit of K479 million in 2018, the 150% increment translates to K1.197 billion. Should the bank reap as foreseen, minority shareholders will partake in dividends after years without the board declaring them.
RBM slashed the policy twice by a total of 250 basis points from 16% to 13.5%, as the latter review made NBS bank’s interest income drop. The bank has said that it maintains a positive outlook for 2019.
Speaking to reporters on the sidelines of the bank’s 15th annual general meeting (AGM) in Blantyre on Wednesday, NBS Bank Board Chairperson, Vizenge Kumwenda, said the bank is confident that, with the low interest rate regime, the demand for loans will go up and the bank will be able to lend to more customers than before. He also revealed that the bank is working on measures to increase non-interest revenue.