Friday, January 22, 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

NBM outlines growth risks

by Grace Phiri
10/06/2019
in Uncategorized
3 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

National Bank of Malawi (NBM) plc says unstable macroeconomic environment and power challenges pose risks to attaining robust economic growth.

The Malawi Stock Exchange (MSE)-listed bank’s board chairperson George Partridge, who is also group chief executive officer of Press Corporation plc, said the unstable environment created by the May 21 Tripartite Elections and floods experienced in March could affect growth estimates.

RelatedHeadlines

Food imports doubled in 20 years—report

Malawi loses 5% of GDP on donor withdrawal

Inequality within and poverty reduction

National Bank | The Nation Online
Partridge (L) addresses shareholders during the AGM

Speaking during NBM’s 47th Annual General Meeting (AGM) in Blantyre on Friday, he said the bank remains positive of a continuing stable operating environment characterised by low inflation and interest rates, a stable currency and some increased commercial activity.

He said there will also be an improvement in the bank’s performance through its ability to leverage on its core strengths to address challenges and exploit opportunities in the market.

In the year ended December 31 2019, the bank registered a group profit after-tax of K15.97 billion from K19.15 billion, representing a 16.6 percent drop largely due to what the bank said was a subdued loan book in the first half of the year.

The bank’s loan book, on the other hand, grew by 21 percent mostly in the second half of the year mainly from the small and medium enterprises and personal banking sectors while customer deposits increased by 5.8 percent.

“We are down, but it is because of the environment that we are in and making this profit is no mean achievement. There were a lot of power challenges and these affected a lot of our customers and, therefore, a lot of our customers couldn’t grow,” said Partridge.

He added that the falling interest rates bring excitement to the bank as they expect increased money supply, less bad debts and an increase in the volumes of our lending book.

In the review period, the country experienced a relatively stable macroeconomic environment with inflation averaging 9.3 percent, down from 11.6 percent in 2017.

The bank’s chief executive officer Macfussy Kawawa said in the bank’s 2018 Annual Report that the prolonged load shedding that affected their customers’ production meant reduced volumes of import of raw materials and appetite for credit and other banking facilities while poor agricultural production in other parts of the country exacerbated the position.

Previous Post

Tobacco prices picking up, TCC figures show

Next Post

Wanderers clarify on coaches’ roles

Related Posts

Malawi has been importing maize over the years largely due to floods that have impacted output
Business News

Food imports doubled in 20 years—report

January 21, 2021
Mlusu: The budget is skewed
Business News

Malawi loses 5% of GDP on donor withdrawal

January 21, 2021
Poverty levels in Malawi remain high
Business News

Inequality within and poverty reduction

January 21, 2021
Next Post
Nomads | The Nation Online

Wanderers clarify on coaches’ roles

Trending Stories

  • Escaped South African bail: Bushiris

    Bushiri says not seeking political intervention

    0 shares
    Share 0 Tweet 0
  • Malawi closes in on hefty US deal

    0 shares
    Share 0 Tweet 0
  • Vendors back on streets amid Covid-19 surge

    0 shares
    Share 0 Tweet 0
  • Tonse faulted on former presidents’ benefits

    0 shares
    Share 0 Tweet 0
  • Malawi loses 5% of GDP on donor withdrawal

    0 shares
    Share 0 Tweet 0

Opinions and Columns

Business Unpacked

Towards Malawi2063, lessons from Vision 2020

January 20, 2021
Rise and Shine

Never give up on resolutions

January 20, 2021
In pursuit of development

India’s vaccine drive

January 20, 2021
My Thought

Don’t relax, Covid-19 still here

January 17, 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.