The Malawi Stock Exchange-listed National Bank of Malawi (NBM) has announced an impressive anticipated profit growth of up to 37% for the financial year ending December 31, 2024.
The bank expects its consolidated profit after tax to range between K92.97 billion and K98.25 billion, a significant increase from the K71.96 billion reported in 2023.
This projected growth is a testament to the bank’s sturdy performance, driven by strategic initiatives and operational efficiency despite the challenging economic environment. NBM plc’s Company Secretary, Zunzo Mitole, attributed the anticipated profit increase to the bank’s commitment to enhancing shareholder value while navigating a dynamic financial landscape.
She further stated, “The figures are preliminary and based on internal assessments, as they have not yet been reviewed or audited by external auditors.”
Notably, the bank’s growth strategy has consistently yielded significant profits over the past years, earning praise from stakeholders, including General Secretary for the Minority Shareholders Association, Frank Harawa. The bank’s loan book has also experienced a 42% growth, with customer deposits increasing by 30%.¹
The bank has assured stakeholders that the audited consolidated and separate financial statements for the year ending December 31, 2024, will be released within the stipulated timeframe, providing detailed insights into its financial standing.
