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(0) 1 875 298. Email: Nbs@Nbsmw.Com Website: We Continue to Ensure That Our Customers Receive Services of the Highest Standards Tel +265 (0) 1 876 222 / 231. Fax +265 (0) 1 875 298. Email: [email protected] Website: www.nbsmw.com We continue to ensure that our customers receive services of the highest standards. NBS Bank Annual Report 2006 Our vision: To be the Bank of choice in Malawi. Our mission: We undertake to add value to our stakeholders by offering an innovative range of banking products through efficient business processes and empowered and caring staff. Our values: Integrity, Care, Quality Service, Health and Safety, Ethical Standards, Transparency and Good Corporate Governance. Contents: 1 Background 3 Chairmans report 6 Board of Directors 7 Chief Executive Officer’s report 9 Senior Management 10 Corporate Governance 11 Branch Network 12 Social responsibility 13 Financial highlights 15 Financial statements Contact details: NBS Bank, Head Office, NBS House, Cnr. Chipembere Highway/ Johnstone Road, P.O. Box 32251, Chichiri, Blantyre 3, Malawi. Telephone: +265 (0) 1 876 222. Fax: +265 (0) 1 876 041. Email: [email protected]. Web: www.nbsmw.com 1 Banking together. Growing together. Stronger everyday. background NBS Bank was incorporated as Commonwealth Century Building mortgage business to financial a Limited Liability company on Society and First Building Society. institutions registered under the 14th March 2003 and registered It got incorporated under the Banking Act. under the Banking Act on the 1st Building Societies Act on 7th March 2004. It started its February 1964. Since then the The Society however, could not commercial banking operations Society continued to operate under offer products traditionally on 1st July 2004, when the New the Act and raised funds from the marketed by banks. It therefore Building Society was dissolved. public and advanced them by became increasingly more difficult way of mortgage loans against the for the Society to compete fairly The bank’s predecessor institution, security of the land and buildings. and satisfy the expectations of its The New Building Society, was customers. A decision was formed following the It operated almost monopolistically consequently made to convert the amalgamation of the Central in mortgages until the building society to a commercial African Building Society, liberalization of the financial bank. market in Malawi opened the 2 The Bank launched EazySave which is a savings product with a reduced minimum balance to ensure affordability for those who could not raise the minimum balance for ordinary savings account. 3 NBS continued to be The Bank of choice on the scene as evidenced by the growth in its deposits, assets and ATM Card holders. Chairman’s Report For the financial year ended 31 Standards which have resulted in New Products December 2006 more provisions being made to The Bank launched Eazy save Year 2006 marked the second full cater for severance and leave pay. which is a savings product with a year of NBS operating as a Bank. reduced minimum balance to As a new player on the saturated For the year ended 31st December ensure affordability for those who banking market, the challenges 2006, NBS Bank registered a net could not raise the minimum were immense as the Bank had profit before tax of K299 million balance for ordinary savings to deal with competition on level representing a 109% growth over account. playing field. The economic 2005 profit of K143 million, performance improved as despite major challenges in forex ATM Network compared to the previous year shortages and a relative high cost During the year, the Bank resulting into reduction in inflation of running the business. Net profit continued to expand its own ATM and interest rates. One of the after tax of K182 million was 28% network operating through major challenges was shortages above the 2005 profit of K142 MOSAIC’s Postilion switch on of foreign exchange despite the million the major disparity in tax Wincor Nixodorf’s ATMs. These exchange rate stabilising with most being K76 million tax losses ATMs which accept the three main of the major currencies. carried forward from 2004 which languages of English, Chichewa were fully utilized in 2005. and Tumbuka are unique and the Notwithstanding the above, the first of its sort in Malawi. Todate Bank strategised its operations Prospects for 2007 are bright the Bank has 32 ATMs in total, during the year to consolidate on though major challenges will all of which are at its Branches the gains achieved since 2005. remain to manage interest margins and Agencies. The plan is to have NBS continued to be the Bank of with likely reduction in interest 40 units functional before the end choice on the scene as evidenced rates and continued shortages of of 2007 in order to improve by the growth in its deposits, foreign exchange. service delivery to our rapidly assets and the ATM Card holders. growing customer card base. The Board did not recommend Financial Performance payment of dividend to Branch and Agency Operations st st During the year ended 31 Shareholders for year ended 31 In the year 2006, the bank opened December 2006, the Bank December 2006 due to funding a new Agency in Nkhata Bay continued adopting new requirements for the ongoing making it the only fully fledged International Accounting expansion programme. commercial bank to have outlets 4 Year 2007 looks to be more challenging as we roll out more products and services and would like to thank our clients and business associates for their continued support. in all districts in the Nothern Changes On Board of Directors products and services and would Region. Now the Bank has a total The Board of Directors for the like to thank our clients and st of 24 outlets, 12 branches and Bank as at 31 December 2006 business associates for their 12 agencies countrywide. was as follows: continued support. F.L. Mlusu: Chairman Full Year Changes in Management I wish to thank both management J. Swankie: Director Weston Kusani who was the Head and staff for their hard work and Full Year of Credit since the Bank converted commitment to duty. G.M. Wawanya: Director from a Building Society in 2004 Full Year left the Bank in Octobeer 2006 V Kumwenda: Director I wish also to thank the Directors, joining Malawi Rural Finance as Full Year who were on the Board both past Director of Operations and we wish R Mwadiwa: Director and present, for their support and him well. Mr Samson Kamkosi Full Year guidance. who has been the Bank’s E Nuka (Mrs): Director st Mortgage Manager since 2002, From 1 April 2006 Let me also take this opportunity is the Acting Head of Credit. J Banda (Mrs): Director to thank Mr T Daniel who has st From 1 April 2006 been Director of the Bank from A Mwala (Mrs): Director Staff st the period the institution was a From 1 April 2006 We continue to ensure that our building society up to the post- P.T. Daniel: Director customers receive service of the banking conversion period. Up to 30/09/06 highest standards, which has been Mr Daniel was instrumental in the instrumental in the growth of our conversion process from a building I wish to express my gratitude for customer base. Major emphasis the invaluable contributions made society to a retail bank. Mr Daniel is put on staff development by fellow Directors on several served in several committees of focusing on training for improved Board Committees during the the Society and (later the Bank) customer service especially on period leading to the building of during his tenure as Director. efficiency. The sourcing of quality a vibrant Bank Brand during the staff that is geared towards facing year. the challenges has augmented this. Word of Appreciation Year 2007 looks to be more challenging as we roll out more F L Mlusu 5 Board of Directors Mr Felix Mlusu Mr Vizenge Kumwenda Mr Joe Swankie (Chairman) (Director) (Director) Mrs Audrey Mwala Mrs Estelle Nuka Mr R Mwadiwa (Director) (Director) (Director) Mrs J Banda Mr G Wawanya (Director) (Director) 6 Countrywide multilingual ATMs with up to K60 000 daily withdrawal allowance. 7 The bank will continue to strive for growth with the ultimate goal of generally satisfying all stakeholders and, in particular, increasing Shareholders value in a sustainable manner. Chief Executive Officer’s Report The financial year ended 31 Banking Operations New Products and Services December 2006 In 2006, the bank expanded its In conjunction with Travellex, the In Year 2006 the Bank continued operations and opened a new bank also rolled out into the to consolidate on the gains made outlet in NkhataBay. This market a Visa Cash passport. This since July 2004 when it started effectively made NBS bank the is a debit card that is meant to offering the full range of banking only full serviced commercial bank replace traveller’s cheques for products. Despite the challenges to have branches in all districts people who travel outside the associated with new entrants in of the Nothern Region of Malawi. country. The card can be used at any industry, the Bank was able This is apart from being the only any VISA registered merchant or to achieve growth through bank that serves University at any VISA enabled automatic acquisition of already banked students and staff right on campus teller machine. customers as well as previously through its initiative. The bank’s unbanked sector. geographical expansion program Financing the SME Sector is in line with its philosophy of As a pilot project, the Bank Business Growth taking banking to the people. financed bee-keeping farmers in In terms of business growth, the Chitipa and Nkhata Bay districts bank’s deposit base grew to over The Bank continued to adopt the in collaboration with ECO Products MK8.4 billion, from K7.6 billion new and revised Financial Ltd.
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