NBM.mw Profitability Continues to Soar with 34% Increase in Profit After Tax

Published On: April 28, 2023Company: National Bank of Malawi Plc (NBM.mw)
What strategies has the Board put into place to turn around two entities that reported losses?
The Board has developed new strategies for 2023 to 2027 and have put turn around strategies in place to turn the two entities Akiba Commercial Bank and United General Insurance that made losses into profitable entities.

Key Points from the Chairman’s Statement

  • The Group registered a profit after tax of K45.94b representing a 34% increase from K34.21b reported in 2021.
  • Customer deposits increased by 45% from the previous year, while the loan book grew by 29% and investment in Fixed Income securities grew by 16%.
  • The Malawi economy grew by 1.7% in 2022 while Average annual inflation increased to 22%.
  • The Bank paid two interim dividends and recommends a final dividend amounting to K33.0b.
  • The Bank will continue to leverage on its core strengths in order to adapt to the current operating environment.

Useful links

About National Bank of Malawi (NBM.mw)

National Bank of Malawi (NBM) is a premier financial institution in Malawi, providing a wide range of banking services to individuals, corporations, and institutions. Established in 1971, the bank has grown to become a leading player in the financial industry in the country. With over 30 branches and more than 900 employees, NBM offers a comprehensive range of banking products and services, including personal and business banking, investment banking, and wealth management. The bank is committed to providing innovative solutions to meet the diverse needs of its customers, and its strong customer service ethos has earned it a reputation as a trusted and reliable financial partner.

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