BLANTYRE-(MaraviPost)-National Bank of Malawi (NBM) Plc has announced a remarkable 41% increase in its profit after tax to MK101.71 billion for the year ending 2024, surpassing the MK71.96 billion reported in 2023.
The bank’s impressive performance was attributed to strategic initiatives and operational efficiency, which drove robust growth in customer deposits and assets.
According to the bank’s financial statement, the growth was fueled by a 46% rise in net revenue, largely due to increased fees and commissions, as well as the consolidation of revenue from insurance operations of United General Insurance Company Limited (UGI). UGI became a subsidiary of NBM Plc in 2024 after the bank increased its stake from 47% to 57%.
During a stakeholders’ engagement meeting in Blantyre, Chief Operating Officer Masauko Katsala expressed satisfaction with the bank’s performance, stating that it has outperformed other banks in the industry.
Katsala credited the success to the bank’s strategic focus on increasing deposits and growing its assets.
However, one of the shareholders, Jacqueline Kapyola, while pleased with the bank’s performance, raised concerns about the poor network problems being experienced with Mo626, the bank’s digital platform.
Kapyola urged the institution’s officials to address this issue to improve customer experience.
NBM Plc’s Chief Executive Officer, Harold Jiya, and Board Chairperson, Jimmy Lipunga, signed the financial statement, highlighting the bank’s commitment to transparency and accountability.
Despite challenges such as foreign currency scarcity and high interest rates, NBM Plc remains optimistic about the economy’s growth prospects, projecting a 3.2% growth in 2025.
