Two years after posting losses, Malawi Stock Exchange (MSE)-listed NBS Bank says it is expecting to record a profit in half year period ending June 30, from the loss incurred in the previous corresponding period.
In a published trading statement on Tuesday, the financial services provider indicated that profit after tax for the half year ending June 30 is expected to be 140 percent higher than loss recorded during the same period last year.
NBS Bank has been on a loss making period until recently when it announced it has trimmed its loss by about 74 percent to K1.1 billion in the year ended December 31 2017 from K4.3 billion in 2016, according to the bank’s financial results.
The bank’s chief executive officer Kwanele Ngwenya in an earlier interview was upbeat that the bank is solidly on transformation path.
For over a year and half now, the country’s economic environment has remained largely stable where interest and inflation rates as well as the kwacha stabilised, respectively.