NBM plc eyes K98 billion 2024 profit

Malawi Stock Exchange-listed National Bank of Malawi (NBM) has announced an anticipated profit growth of up to 37% for the financial year ending December 31, 2024.

The ‘Bank of the Nation’ says it expects its consolidated profit after tax to range between K92.97 billion and K98.25 billion, compared to the K71.96 billion reported in 2023 which represents an impressive increase of 29% to 37%.

In compliance with the Malawi Stock Exchange (MSE) listing requirements, the Bank issued the trading statement to inform stakeholders of the significant deviation exceeding 20% from the previous year’s financial results.

The signed statement by Zunzo Mitole, NBM plc’s Company Secretary, reflects the Bank’s commitment to maintaining transparency with shareholders and stakeholders alike.

Mitole said in the statement that the projected increase reflects a sturdy performance by the Bank, driven by strategic initiatives and operational efficiency despite the challenging economic environment.

“The figures are preliminary and based on internal assessments, as they have not yet been reviewed or audited by external auditors. The final audited financial statements are expected to be published within the required reporting period,” stated Mitole.

The anticipated profit increase signifies the Bank’s consistent commitment to enhancing shareholder value while navigating a dynamic financial landscape.

During its Annual General Meeting within the year, General Secretary for the Minority Shareholders Association, Frank Harawa commended NBM plc for its growth strategy that has seen the Bank register significant profits consistently for the past years.

NBM plc has assured stakeholders in its statement 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.