One of the country’s leading commercial banks, National Bank of Malawi has reported a profit of K71.96 billion for the year ending December 31 2023.
The gain represents a 56.6% increase from K45.94 billion registered in 2022.
Speaking during the 2024 Annual General Meeting in Blantyre, the bank’s chairman, Jimmy Lipunga, attributed the profit growth to an increase in customer deposits.
“We envisage growth in 2024, the resumption of the IMF supported ECF Programme is expected to unlock foreign exchange inflows, which will in turn support importation of raw materials and promote economic activities,” said Lipunga.
Meanwhile, the bank’s Chief Executive Officer, Macfussy Kawawa, is set to retire this year on 31 June, with Harold Jiya set to take over.
The bank has announced a total dividend payout of K48 billion.
Reported by Geoffrey Chinawa
