National Bank of Malawi posts profit

One of the commercial banks in the country, National Bank of Malawi (NBM) has announced it has raked in K 14.5 billion profit after tax in 2014 up from K12.7 billion earned in 2013, representing a  14.3 percent.

Pro Chikaonda: Profi

Pro Chikaonda: Profit

National Bank of Malawi

National Bank of Malawi

NBM board chairperson Prof Matthews Chikaonda said the bank’s  loan book registered a growth of 26 percent while deposits grew by 16.6 percent by end of the year.

The bank also registered a 39 percent growth in its personal and business banking lending portfolio which comprises of leasing, personal and SME banking.

Following the performance National Bank, which is listed at the Malawi Stock Exchange, has declared a total dividend of K7.1 billion to its shareholders broken down to K15.35 per share.

The bank had already paid an interim dividend of K2.5 billion in September last year.

Chikaonda told shareholders at the bank’s 43rd annual general meeting last Friday in Blantyre that although the business environment in the first half of the year was challenging, things improved in the later months of the year.

He said the negative economic developments at the beginning of the year considerably slowed down economic activity and had a direct effect on NBM’s business.

“Tight monitory policy pursued by the Reserve Bank of Malawi kept interest rates high throughout the period,” said Chikaonda.

The bank is poised to continue with the good performance.

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18 thoughts on “National Bank of Malawi posts profit”

  1. Karrib says:

    Well done NBM. We are proud of u as our own Mw’s bank. Sizinazi ai. Consider revisiting the lending and savings rates, plz……..

  2. shaaaa! says:

    musatinyanse agalu inu.tikuchokerani ku ka bank kanu,tikatsegure ndi ma bank ena.salary za
    anthu kumachita kuchedwa ngati zanu ndalama.idiot!

  3. Namate says:

    mbava banki iri charging 45% for borrowing and paying less than 1% pa ndalama zimene timasungisa. Everybody is crying that money is scarce and yet one is busy celebrating that is thief number one.

  4. It is clear to me that press group is going down the same way Malawi Development Corporation was run down by various incompetent management teams favoured by the then political establishment. In a country that is dependent on agriculture, the disappearance of Press Agriculture from Press Group should have been a wake-up call to the type of leadership we have at Press Group. Indeed by the he will retire Press Group will be shell of its original self.

  5. H/E the thief (Malawi Democrat 1992) says:

    Chikaonda is the man. Chikaonda is a practical economist osati zinazi. Pomwe padutsa Chikaonda pamadutsa chitukuko. When he was finance minister our Malawi kwacha defied the natural laws of poverty and started appreciating.

    If Chikaonda was still our finance minister, Malawi would have been a real better place. Sad that dziko la Malawi ndi dziko la wanthu akufa who find it hard to distinguish between the skilled economics of the type of Chikaonda, and the semiskilled economics of Friday Jumbe and Goodall Gondwe.

  6. H/E the thief (Malawi Democrat 1992) says:

    Chikaonda is the man. Chikaonda is a practical economist osati zinazi. Pomwe padutsa Chikaonda pamadutsa chitukuko. When he was finance minister our Malawi kwacha defied the laws of gravity and started appreciating.

    If Chikaonda was still finance minister, Malawi would not have been a real better place. Sad that dziko la Malawi ndi dziko la wanthu akufa.

  7. musolin says:

    Chikaonda is a Big thief, udzamangidwa contract yako ikatha…. Ma staff anu akudandaula makobiri mukuwapatsa ochepa…agalu inu!

  8. Dracula says:

    Not surprising considering the huge interest rates 45+% a poor man has to pay

  9. Mlombwa says:

    K14bn yobela anthu basi. Kasonda and Jiya mbava zenizeni. Kudya ma bribe kwa amwenye. Tsiku la 40 likwana. Simunganlbele amalawi that long osatheka. Within Press zonse anatseka kutsala bank yobela anthu. Guys bank with NFB

  10. amp says:

    institutionalized katapila. reaping on the poor man’s sweat and you happily call them profits????

  11. Gani Munthu says:

    how can we attract investors when this bank takes three working days to clear cheques belonging to the same bank within thirty meters apart i.e henderson street and victoria avenue , when the drawer account has enough funds. is the Reserve bank sleep monitoring

  12. Gani Munthu says:

    clearance of cheques between henderson street and Victoria avenue , not more than 40 meters away.VERY VERY PRIMITIVE BANK.

  13. Alex Likoswe says:

    Press Corp needs a visionary leader who can see beyond nose and nurture business . Our man has let us down . These are the recycled Jumbes, Kamotos, Bruce Munthalis,

  14. Charlie Hebdo says:

    That’s what happens when you charge people K2,000 per page for a statement when a ream of paper is not even that much. That’s what happens when most services are automated but you still charge hefty charges. That’s what happens when the biggest bank by assets in Malawi operates with only 10 tellers in the midst of long queues with several counters empty trying to save money they would have spend on tellers had they employed enough to boost their profits. It is only in Malawi where you can spend over three hours in the bank without being assisted. In all fairness, the bank should not have paid dividends but use that money to improve its services. This is the bank that belongs to people through Press owning it. But what happens? It is the gang leader in reaping off the people.

  15. Zladko says:

    It is high time that banks reinvest in proper effectiv customer car! What does it helps to have 25 bank tellers in the hall,l equipped with computer money counter etc, when only five are serving customers??? Is there no institution on this country who can quantify the economic damage waiting hours in bank halls cause through out the country?

  16. Mapwiya says:

    Thus the only company left within the group. By the time Chikaonda retires, there will be nothing left but just a skeleton of a conglomerate.

  17. zilipo says:

    K14bn for doing what?

  18. [email protected] says:

    You steal from people you cal them profits

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