Malawi’s banking sector has recorded its highest-ever profits in 2024, with cumulative after-tax earnings reaching K613 billion.
Leading the pack is National Bank of Malawi (NBM), which posted a remarkable K101.71 billion profit after tax—a 41% increase from K71.96 billion in 2023.
Standard Bank Malawi followed closely, registering a 64% jump to K86.4 billion, while FDH Bank doubled its earnings, recording a K74 billion profit—a 108% rise from the previous year. NBS Bank delivered the most dramatic growth, with after-tax profits rising by 148% to K72 billion.
According to Economics Association of Malawi (ECAMA) President, Bertha Bangara Chikadza, this financial strength is becoming a powerful engine for national economic growth and potentially good for investors to achieve the 2063 agenda.
Chikadza said profitable banking sector is not just good for the banks themselves as it is critical lifeline and a catalyst for the entire Malawian economy, directly supporting government efforts to build a stronger nation
She said profits made by banks support public services through corporate taxes paid to the government, which in turn help finance various national development like education, health, agriculture and community development among others, through CSR and various sponsorships.
Bangara Chikadza added that these impressive profits also translates directly into fiscal space for the government through taxes and creates a multiplier effect through lending, which builds stability and capacity for credit are indispensable for sustainable economic development in Malawi.
By Mphatso Tebulo
