NBS Bank has grown by 58% in the year ended December 31 2020, translating to K7 billion.
The profit is a move up from K4.46 billion recorded during 2019, as the bank has attributed the growth to the acceleration of its digital transformation. A statement co-signed by NBS Bank Chairperson Vizenge Kumwenda and Director Mathews Mtumbuka has said the uptake of the bank’s products on digital platforms improved as investments were made to increase network availability and reliability. “The bank also upgraded its internet banking platform and Mobile App offering to ensure improved service,” says part of the statement.
The bank also has a positive outlook on the year ahead, especially because of the administering of the Covid vaccines “which should enable the economy to transition back to pre-pandemic growth rates in the medium term” according to the statement. The bank’s board has since recommended payment of a final dividend for the year ended December 31 2020 of K2.04 billion, representing 70 tambala per share.