National Bank of Malawi (NBM) plc board chairperson Jimmy Lipunga says the bank’s record K101 billion profit after-tax in 2024 is a result of strong leadership and good management that weathered the economic storm.
In the year ended December 31 2024, the Malawi Stock Exchange-listed bank posted a K101 billion after-tax profit, a jump from the previous year’s K71 billion. NBM also declared a final dividend of K6 billion, an equivalent of K126.35 per share.
In an interview on the sidelines of NBM’s 53rd Annual General Meeting (AGM) in Blantyre on Monday, Lipunga said: “These results have been a result of a strong board and very talented management that has seen us withstand a difficult economic climate marked by high inflation rate, foreign exchange scarcity and high interest rates.”
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But despite the bank’s success story, shareholders raised concerns over the ongoing losses at its Tanzanian subsidiary, Akiba Commercial Bank, where NBM owns 51 percent stake.
In a separate interview, Minority Shareholders Association of Listed Company representative Joe Maere commended the group’s strong performance, but expressed frustration of the slow progress at Akiba Commercial Bank in Tanzania.
“Our concern is that the turnaround time is taking too long. Akiba is a significant opportunity for the country’s economy. If we can grow locally, we can grow even more in Tanzania,” he said.
Maere emphasised the need to fast-track reforms, arguing that foreign operations such as Akiba could help resolve the country’s chronic foreign exchange shortages through external income and dividends.
In his response, Lipunga reaffirmed that the board had already taken action, adding that they dispatched a board committee and management team to assess the issue.
The AGM marked the end of Lipunga’s three-year term as board chairperson and he described the period as one of transformative growth.
“When I took over, income levels were much lower. They have more than doubled. Profitability is stronger than ever and I believe this is the right time to step aside,” he said.
