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Wednesday, April 24, 2024
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    HomeBusinessNBS Bank's Transformation Inspired by a Tale of Good to Great

    NBS Bank’s Transformation Inspired by a Tale of Good to Great

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    NBS Bank Plc Chief Executive Officer (CEO) Kwanele Ngwenya has said confronting brutal truth and building the desired leadership and culture, are some of the strategies that played a role in rebuilding NBS Bank.

    Ngwenya said this when he shared a remarkable tale of the Bank’s evolution to a thriving, profit-making organization at the recently held ‘Redeeming MW2063’ CEO’s summit. 

    In his remarks, Ngwenya highlighted that the insights from the book ‘Good to Great’ by Jimmy Collins, provided him with a roadmap for NBS Bank to become a sustainable organization.

    “By acknowledging weaknesses and identifying areas for improvement, NBS Bank was able to chart a course for effective change,” said Ngwenya.

    He added that identifying the right people within the organization also helped in building a strong, capable leadership team that laid a foundation for crafting effective business strategies aligned with the Bank’s strengths and goals.

    “Transformation was not merely about improving financial figures, it involved fostering a positive and inclusive organizational culture by cultivating the desired leadership traits and encouraging a collaborative work environment which motivated employees to contribute their best to the institution’s growth,” said Ngwenya.

    The CEO also said NBS Bank adopted an 1800-day strategy guided by two fundamental principles to ‘win now’ which recognized that every single day mattered and encouraged the staff to take ownership of their roles and instill a sense of self-management and purpose.

    “The second principle to ‘win later’ helped NBS Bank to invest in the future, laying the groundwork for sustainable growth and development which helped leadership to understand the importance of making well-calculated investments to remain competitive and relevant in the ever-changing financial landscape.”

    “NBS Bank committed to continue supporting the MW2063 agenda with a focus on the agriculture value chain as well as leveraging on partnerships that have a similar vision for both the Bank and the nation,” he explained. 

    NBS Bank recently announced growth of the Profit -After-Tax from K7.7 billion to K18.9 billion representing an increase of 146%.

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