Tuesday, May 24, 2022
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
Advertisement
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

NBM drives up PCL H1 profit to K12.8bn

by Mc Donald Chapalapata
02/09/2021
in Business News, Front Page
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Press Corporation plc has reported a 10 percent increase in group after-tax profit of K12.87 billion in the half-year ended June 30 2021 driven by good performance in National Bank of Malawi plc.

In a statement accompanying financial results jointly signed by PCL board chairperson Radson Mwadiwa and group chief executive officer George Partridge, PCL said its subsidiary NBM plc, continued to be the main driver of group results.

National Bank of Malawi head office

The statement said the Malawi Stock Exchange-listed bank delivered satisfactory results, which were driven by a 36 percent increase in net interest income and a 51 percent growth in non-interest income.

Reads the statement in part: “Similarly, the bank’s customer deposits and the loan book grew by 43 percent and 10 percent respectively while Treasury bills and Treasury notes grew by 49 percent.”

PCL said the results were, however, negatively impacted by a 41 percent and 26 percent increase in operating expenses and loan impairments respectively as the bank consolidated results from the newly-acquired Akiba Bank of Tanzania for the first time.

PCL said the performance was achieved against a background of a challenging operating environment characterised by severe foreign exchange shortages and the disruption from Covid-19 on the supply chain for most group companies.

“Prior year comparatives were restated to take into account value-added tax expenses relating to mobile money and airtime credit transactions.

“In the prior year, these were booked at year end, but they have now been reallocated to the period of occurrence,” reads the statement in part.

PCL directors have proposed to pay an interim dividend amounting to K721.53 million, representing K6 per share. This is a rise from last year’s K721 million, representing K6 per share.

Previous Post

JTI touts 2021 tobacco sales season, buys 24m kg

Next Post

Griffin Saenda Sports Complex on course

Related Posts

The Queens taking on the Proteas in African Netball Championship last year
Front Page

Queens to face England, South Africa

May 24, 2022
Kalindo: I am hearing it from you
Front Page

Kalindo marked for diplomatic post

May 24, 2022
Business News

World Bank sees remittances rising

May 24, 2022
Next Post
Construction work takes shape at Griffin Saenda Sports Complex

Griffin Saenda Sports Complex on course

Opinions and Columns

People’s Tribunal

What was that press briefing all about?

May 22, 2022
Big Man Wamkulu

Wife, in-law plotting my downfall

May 22, 2022
My Thought

Tonse Alliance died on arrival

May 22, 2022
Layman's Reflection

New IMF programme pivotal moment for Tonse Alliance

May 21, 2022

Trending Stories

  • Musician Martse in hospital after fire accident

    0 shares
    Share 0 Tweet 0
  • Witness U-turns in Batatawala, 3 others case

    0 shares
    Share 0 Tweet 0
  • Malawi overlooks players diet

    0 shares
    Share 0 Tweet 0
  • How loans get wasted

    0 shares
    Share 0 Tweet 0
  • Poor budget transition caused debt—treasury

    0 shares
    Share 0 Tweet 0

Malawi-Music.com Top10

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

© 2022 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
  • Columns
  • 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.