NBS Bank profit 140% up
NBS bank Plc is projecting its 2022 profit to be 140 % higher than prior year following recoveries of some funds through courts.
The company disclosed this in a revised trading statement published weeks after the initial projection indicated that the net profit was likely to be 110% higher than the corresponding period.
“The Company is pleased to inform the public that profit after tax for the year ended 31 December 2022 is now expected to be approximately over 140% higher than the profit recorded in the comparative period.
“The change in expected profit is due to recoveries made through courts whose conditions for recognizing the proceeds of the claim as income were met after publication of the first trading statement,’’ reads the statement in part.
In addition, a review of credit impairments on significant credit exposures has been made which has changed the results favorably –according to the trading statement.
Meanwhile, the bank’s parent company, NICO Holdings plc also confirmed this development will positively affect its profitability for 2022.
“The consolidated profit after tax for the reporting period ended 31st December 2022 is now expected to be higher than the previous corresponding period by at least 90%.” Said the group in the revised trading statement
NBS bank’s 2021 profit was pegged at 7.6billion kwacha while NICO Holdings was at 9.7billion kwacha.
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