Apr 26, 2018 Last Updated 1:53 PM, Apr 25, 2018

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
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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

 

 

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