NBM reports K9.1 billion half year profit

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By Earlene Chimoyo

One of the giants on the high street, National Bank of Malawi (NBM) is boasting of an improved performance in the first half of the year amid COVID-19 challenges.

In its consolidated financial report for the period ending 30th June 2020, the bank has managed to register a post-tax profit of MK9.1 billion.

Despite a slight drop in the profits compared to a corresponding period last year, there has been growth in the bank’s net interest income by 4 percent and 16 percent on non-interest income as well as customer deposits and loans. 

The development is coming at a time most firms are struggling to register meaningful profits owing to COVID-19 induced economic challenges, as well as uncertainties emanating from the recent elections.

According to NBM Board Chairman, George Partridge, during the period under review, the business environment generally remained subdued despite a stable macroeconomic environment and the easing of the monetary policy.

Partridge adds that they remain optimistic as there are indicators of a similar positive performance in the last half of the year.

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