NBS Bank saw its profits soar to K72.99 billion after tax in 2024, marking a 148 percent increase from K29.38 billion in 2023. The financial statement released by the company shows that net interest income reached K160 billion, up 139 percent from K67 billion last year. This growth came from expanded money market investments and their loan book, which grew by K366 billion and K86 billion, respectively. Non-interest income climbed to K45.19 billion from K34.95 billion, thanks to higher trade finance volumes and more customers using digital platforms. Foreign exchange trading brought additional gains for both the bank and its subsidiary, NBS Forex Bureau Limited.
Operating expenses rose 57 percent to K75.84 billion due to new business activities, projects, inflation, and minor currency depreciation. The bank managed to decrease its cost-to-income ratio from 47 percent to 37 percent as revenue growth outpaced spending increases. Total assets reached K1.19 trillion, an 81 percent jump from K657.72 billion at the end of 2023. Customer deposits increased by K189 billion compared to the previous year. The bank plans to pay shareholders a total dividend of K31.73 billion on 2024 profits, equal to K10.90 per share.
Operating expenses rose 57 percent to K75.84 billion due to new business activities, projects, inflation, and minor currency depreciation. The bank managed to decrease its cost-to-income ratio from 47 percent to 37 percent as revenue growth outpaced spending increases. Total assets reached K1.19 trillion, an 81 percent jump from K657.72 billion at the end of 2023. Customer deposits increased by K189 billion compared to the previous year. The bank plans to pay shareholders a total dividend of K31.73 billion on 2024 profits, equal to K10.90 per share.
