According to a prediction by NBS Bank Company Secretary, Marsha Machika, NBS Bank would have posted a 150% profit increase by the end of 30th June 2019. Fast forward, a statement of unaudited results published Thursday, shows a 194% increase from K478 million posted during same time last year but 17% shy of the K1.6 billion profit for 2018.

The statement signed by the bank’s Chairman, Vizenge Kumwenda, Director, Mathews Mtumbuka, Chief Executive Officer Kwanele Ngwenya, and Chief Finance Officer, Vera Zulu, shows that Net interest income grew by 95% in 2019 compared to a similar period in 2018 largely as a result of growth of loan book and effective management of investment in money market instruments, growth is expected to come from digital channels such as mobile, internet and agency banking.

Speaking to reporters on the sidelines of bank’s 15th annual general meeting (AGM), 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.

On the other hand, the bank will not pay any dividends to its shareholders to enable full turnaround of the business in 2019.