3 October, 2022

Reserve Bank of Malawi profits drop by 17.8%

Not yet inclusive- the country's financial system

The Reserve Bank of Malawi (RBM) reported a K 51billion profit for the year ending 2021 as the government owned institution expected to pay treasury a K20 billion dividend.

It means the bank’s profit dropped 17.8 percent from 2020 when it recorded K62 billion.

According to its financial statements co-signed by governor Wilson Banda, Covid-19 affected domestic vender supply chain which pressured foreign reserves as imports grew  5.9percent to  $ 870.6million.

Last year, RBM board declaired a K30billion dividend to government, which controls 100 percent shareholding.

Commercial banks have also reported supernormal profits both for the 2021 financial year and 2022 H1.

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