NBS EYEING PROFIT RISE

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NBS business is on track.

NBS Bank, says it is expecting to register rise in profits by 140 percent than the loss incurred in 2017.

NBS company secretary, Marsha Ovi Machika, however, says the projection has not yet been reviewed or reported on by its external auditors.

“NBS plc will be registering a profit in the current year compared to a loss in the prior year,” says Machika.

The expected profit is part of the major turnaround of the company after it had been experiencing losses in the past few years.

In 2016, the bank registered a loss of K1.38 billion after tax from January to June, while during the same period of 2017, NBS experienced a loss of K1.14 billion.

The company has seen significant positive changes in its business since the appointment of Kwanele Ngwenya as the new Chief Executive Officer in April 2017.

NBS Bank is one of the oldest banks in Malawi and has been in the business for over 50 years.

It is a requirement by Malawi Stock Exchange Limited that every listed company should disclose a trading statement as soon as there is a reasonable degree of certainty that the financial results will vary by at least 20 percent from the previous corresponding period.

 

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