One of the country’s high street banks, National Bank of Malawi(NBM), announced a MK14.4 Billion pre-tax profit in the first half of the year. In an unaudited financial statement for the first six months of 2017, the company reveals it has made the said profit which is an improvement to what was made during the same period in 2016.
During the first half of 2016, the bank posted an MK11.8 Billion profit before tax, representing a 22 percent growth in its profits.
According to the company’s CEO Mcfussy Kawawa the performance is due to an improved operating environment for business in the year. Kawawa is optimistic that the bank’s performance will improve further, owing to changes in the national economic landscape. Meanwhile, the bank’s performance is also leaving positive results on the stock exchange, with a share price gain having been registered in the just ended week.
National Bank of Malawi is a commercial bank and was established in 1971 as a result of a merger of Barclays Bank DCO (Dominion Colonial Overseas) and Standard Bank, which had its origins in Republic of South Africa. The merger of the two banks brought together complementary operations to provide a country wide spread of assets and services.
National Bank today is the leading bank in the Malawi. It is a product of the experience and expertise of Barclays Bank and Standard Chartered Bank with a network of over 30 service centers. The bank is one of the eleven banks licensed by the Reserve Bank of Malawi, the national banking regulator.
NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. As of December 2009, the bank’s total assets were in excess of US$495 million, with shareholder’s equity of about US$78 million.