NBS released a solid set of results headlined by a 58% rise in the PAT to MWK7 billion. ROE at 42%, was up 700bps on FY19 and is one of the highest in the sector. The total capital ratio of 18.5% is sufficiently above the regulatory minimum of 15%, giving the Board room to recommend a MWK1.15/share dividend. NPLs also improved to 5% from 15% in FY19, on prudent underwriting and the aggressive growth in the loan book. Despite the good innings, some ratios like leverage at 11.39x, suggest overtrading and the cost to income ratio in the 70s is not yet at optimum levels.