Oct 24, 2017 Last Updated 7:24 AM, Oct 24, 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 5005 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

 

 

789 comments

  • Comment Link escape room paradise escape room paradise Tuesday, 24 October 2017 04:25

    Nice post. I learn something totally new and challenging on websites I stumbleupon everyday. It's always exciting to read content from other writers and practice something from their sites.

  • Comment Link Bola Online Menyenangkan Bola Online Menyenangkan Monday, 23 October 2017 10:21

    The two dining establishments beneath the bridge are Snoopy’s and Doc’s. Snoopy’s seems to be the much more remarkably regarded, but we do not comprehend why. Snoopys is just a fried fish-shack. You order at the counter and select up your unique meals served on paper plates. It is money only, and it has no bar just beer. Doc’s has waiters, real plates, and a complete bar. They each have terrific sunset views about the lagoon, but neither appeared to have air-conditioning.

  • Comment Link Marijuana Dispensary Marijuana Dispensary Monday, 23 October 2017 05:08

    Will you write more about this? Your post is really useful to me. You are totally a professional.

  • Comment Link Dion Neumann Dion Neumann Sunday, 22 October 2017 19:12

    Hiya! Quick question that's totally off topic. Do you know how to make your site mobile friendly? My website looks weird when browsing from my iphone4. I'm trying to find a template or plugin that might be able to correct this issue. If you have any suggestions, please share. With thanks!

  • Comment Link Chairman speaker Chairman speaker Sunday, 22 October 2017 16:17

    If you can, write me an email and we can chat more because I have an idea you will love. I could not refrain from commenting. I enjoyed reading this.

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