Aug 17, 2017 Last Updated 1:40 PM, Aug 16, 2017
×

Warning

JFile: :read: Unable to open file:

National bank of Malawi profits drop

Last December, NBM’s profit before tax stood at MK19 billion Last December, NBM’s profit before tax stood at MK19 billion
Published in Business News
Read 3426 times
Rate this item
(0 votes)

End of the year profits for National Bank of Malawi have dropped by five percent between 2014 and 2015, the company’s audited financial report shows.

NBM’s profit before tax stood at MK19 billion as of December 31, 2015, down from the 20 billion Kwacha realized in 2014.

The Board Chairperson of the commercial bank, Mathews Chikaonda, attributes the drop to the harsh economic environment last year, which was characterized by stringent RBM policies, inflationary issues as well as the depreciation of the kwacha.

Despite the reduction in the earnings, the company’s shareholders still have a cut to carry home from the MK3.2 billion final dividend that has been declared.

The payment is to be made after the bank’s Annual General Meeting mid this year.

Other players in the private sector have also post reduced profits in the year under review, both listed and non listed entities.

Chikaonda is however still painting a gloomy picture for 2016, as they anticipate low economic growth owing to spillover effects of the 2015 problems.

History

National Bank of Malawi traces its history from the 1890s when African Lakes Corporation established banking business in Nyasaland.

In 1918, the National Bank of South Africa (now First National Bank) acquired the banking business of African Lakes Corporation in the colony.

In 1925, National Bank of South Africa was merged with the Anglo-Egyptian Bank and the Colonial Bank in 1925 to form Barclays Bank (Dominion, Colonial and Overseas).

Barclays thus inherited the National Bank of South Africa's business in the colony.

As of May 2015, National Bank of Malawi maintained over thirty branches, referred to as "service centers" by the bank.

The bank maintains five subsidiary companies, three of which are wholly owned:

  1. NBM Capital Markets Limited - 100% shareholding
  2. NBM Securities Limited - 100% shareholding
  3. NBM Nominees Limited - 100% shareholding
  4. Stockbrokers Malawi Limited - 75% shareholding
  5. United General Insurance Limited - 26% shareholding

 

 

293 comments

  • Comment Link google play google play Wednesday, 16 August 2017 20:50

    This actually answered my problem, thanks!

  • Comment Link English Vietnamese English Translator English Vietnamese English Translator Wednesday, 16 August 2017 20:44

    Oh my goodness! an amazing article dude. Thank you However I am experiencing issue with ur rss . Don?t know why Unable to subscribe to it. Is there anyone getting identical rss problem? Anyone who knows kindly respond. Thnkx

  • Comment Link google play store google play store Wednesday, 16 August 2017 20:28

    This site is mostly a walk-by way of for the entire data you wanted about this and didn’t know who to ask. Glimpse right here, and also you’ll undoubtedly discover it.

  • Comment Link English Vietnamese English Interpreter English Vietnamese English Interpreter Wednesday, 16 August 2017 20:26

    After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.

  • Comment Link English Vietnamese English Translator English Vietnamese English Translator Wednesday, 16 August 2017 19:34

    There are some interesting cut-off dates on this article however I don’t know if I see all of them center to heart. There may be some validity however I'll take maintain opinion until I look into it further. Good article , thanks and we want extra! Added to FeedBurner as well

Leave a comment

Make sure you enter the (*) required information where indicated.Basic HTML code is allowed.

Capital Tweets

Any data to display

Find Us on Facebook