Figures from a financial statement by NBS Bank show that the company posted a profit after-tax of K2.8 billion, in the first 6 months of 2020. In comparison to K1.4 billion recorded during the same period last year, representing 102% profit jump.

NBS Bank Chief Executive Officer, Kwanele Ngwenya,  attributed the boom to a strong performance in net interest income. Figures on the statement also show that interest income grew by 55% in the first half of 2020 as compared to a similar period in 2019, which has been attributed to prudent management of investments in money market instruments and loan book growth.

3 months ago, the Reserve Bank of Malawi (RBM) partnered with the Bankers Association of Malawi (Bam) Malawi Unions of Savings and Credit Cooperatives (Muscco) and telecommunication companies, to implement measures to ease customers amidst the outbreak of the coronavirus pandemic in Malawi. Among the measures, RBM announced a three-month moratorium by banks and saccos to distressed customers which gave them a three month breather not to repay interest on loans. Moving forward, the central bank is reviewing the resolves made.