Wednesday, January 27, 2021
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

Ecobank Malawi profit after tax up 42%

by Grace Phiri
30/03/2020
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Ecobank Malawi profit after tax grew by 42 percent from K5 billion in 2018 to K7.1 billion in 2019, to a strong growth in non-interest income, controlled cost and lower provisions arising from lower bad loans, the bank said on Thursday.

In his presentation on the bank’s performance in the year under review in Blantyre, Ecobank Malawi managing director Charles Asiedu said at K20 billion, the bank’s total equity gives the business K5 billion single obligor limit which is healthy for business growth.

RelatedHeadlines

Report outlines tourism sector key constraints

More growers shun tobacco, says Tama

Rudevit intensifies capital mobilisation drive

eco bank | The Nation Online
Asiedu: We have impacted the economy

He, however said, declining margins impacted negatively on net interest income and poses revenue headwinds in 2020, observing that during the year under review, loans and advances grew by 13 percent to K42.6 billion but lower than the budget as the bank continued its cautious approach to lending.

Asiedu said in the wake of the coronavirus, the bank undertook an analysis of the business environment on the impact of the coronovirus outbreak and is encouraging  use of electronic channels.

Going forward, Asiedu believes the bank has adequate structures in place to enable its business continue to make positive impact in Malawi although the political environment has significant impact on deal generation and performance of loans already granted.

He said: “We have progressively impacted the economy over the past five years which has led us to become Malawi’s third biggest bank. What is important, however, is to continue the growth trajectory in the midst of internal and external challenges

“Cancellation of the May 2019 Presidential Elections and the on-set of the rerun has ushered in a new wave of uncertainties. Businesses are slow in making commitments as a result of the uncertainties.”

During the year under review, the bank’s revenue grew by 14 percent to K19.7 billion from K17.3 billion the previous year while balance sheet grew to K262 billion, up from K261 billion registered in 2018, making Ecobank Malawi the third largest bank in terms of  balance sheet.

Previous Post

No quick fix to energy woes

Next Post

Shutdown

Related Posts

Some of the stunning animals at Lengwe
Business News

Report outlines tourism sector key constraints

January 27, 2021
Tobacco growers grading their crop
Business News

More growers shun tobacco, says Tama

January 27, 2021
Nyirenda: We are extremely excited
Business News

Rudevit intensifies capital mobilisation drive

January 27, 2021
Next Post
Wanderers | The Nation Online

Shutdown

Trending Stories

  • Mlusu presents the budget in this file photo

    Budget off rails

    0 shares
    Share 0 Tweet 0
  • SA returnees in forced quarantine

    0 shares
    Share 0 Tweet 0
  • New mashup draws mixed reactions

    0 shares
    Share 0 Tweet 0
  • Donors up game in Covid-19 fight

    0 shares
    Share 0 Tweet 0
  • Spread hope not fear

    0 shares
    Share 0 Tweet 0

Opinions and Columns

My Turn

When schools become inaccessible, a glimmer of hope in a coding boot-camp

January 27, 2021
My Turn

Behaviour change key in Covid-19 fight

January 25, 2021
Emily Mkamanga

Citizens power brings change

January 24, 2021
Search Within

The rural farmer needs to take centre stage

January 24, 2021
  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2021 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.