Malawi: NBS Bank forecasts a 50% increase in post-tax profit in H1 2020
Friday, 12 June 2020 14:32
Malawi's commercial bank NBS Bank Plc, 54.62% owned by the financial services group Nico Holdings Limited, revealed in a briefing note that it expects its after-tax profit to be up by 50% in H1 2020, compared to the MWK2.08 billion in H1 2019.
Despite the spread of covid-19 and its impact on the economy, the bank listed on the Malawi Stock Exchange claims to have performed well during the period under review. However, it is still unclear what contributed to the expected increase in earnings. NBS Bank says it will provide further details on 31 August when it publishes its consolidated financial statements for the first half of 2020.
NBS Bank has posted a strong performance in FY2019 with a net income of MWK4.4 billion, up 162% from the same period in 2018. Net interest income was up 103% at the end of 2019.
Chamberline Moko
Live News
-
Afreximbank Unveils $10 Billion Plan to Shield Africa From Middle East Conflict Shock
10:39
-
Egypt’s Lucky raises $23 mln to scale credit services, expand in North Africa
10:29
-
EU Releases CFA318m Emergency Aid as Fires, Food Insecurity Hit Parts of Cameroon
10:18
-
Namibia Invests $1 Million to Strengthen Cybersecurity Defenses
10:00
-
DR Congo Weighs China Partnership in $400 Million Satellite Project
09:49
-
Nigeria Targets Insecurity With 5,000 AI Surveillance Cameras in Plateau
08:46
-
Gabon Targets Smart Administration With New Digital Roadmap
08:44
-
Libya’s Oil Output Reaches Decade High, Moves Closer to Pre-2011 Capacity
18:39
-
Rising Oil Prices Push 29 African Currencies Lower After Middle East Conflict
18:15
-
Cameroon’s LNG Export Earnings Hit Three-Year Low at CFA350 Billion
17:44
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
DR Congo signed an MoU with China Unicom’s subsidiary Unicom Airnet for a potential satellite partnership. The country previously advanced a $400...
Libya oil output reaches 1.43 million barrels per day Production nears pre-2011 levels as operations stabilize Oil dominates economy,...
Morocco renewable capacity doubles to 4,851 MW by 2025 Wind leads growth; solar expands, hydropower remains stable High energy import...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expand into banking, intensifying competition with...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...