MALAWI BANKS MISS ON AFRICA’S TOP 200 BANKS
Malawi banks, which have in recent times been branded as most profitable in the region, do not feature anywhere in the latest rankings of Africa’s top 200 banks in terms of assets.
The rankings have been detailed in the special September 2014 edition of the African Report Magazine, a multi-award winning monthly publication that focuses on African politics and economics.
The publication was released and circulated in Washington DC, USA on Monday on the sidelines of the 2014 joint International Monetary Fund (IMF) and World Bank annual meetings.
The rankings place Standard Bank Group of South Africa as Africa biggest bank by assets worth $161 billion trailed by Standard Bank of South Africa which boats of assets valued at $97 billion.
Barclays Africa Group, FirstRand Group, Nedbank Group (all from South
Africa) and National Bank of Egypt are in the report as third, fourth, fifth and sixth top most biggest banks in 2014 by assets worth $91 billion, $83 billion,$71 billion and $61 billion respectively.
Some banks in Malawi’s neighbouring countries of Zambia, Tanzania and Mozambique are featuring in the rankings of top 200 biggest banks on the continent.
However, Malawi’s main banks namely National Bank of Malawi, Standard Bank of Malawi, NBS Bank, FMB, Nedbank, Indebank, Malawi Savings Bank, Opportunity Bank, FDH Bank, Eco Bank and CDH Investment Bank are not appearing.
Ironically, the least biggest bank by assets according to the rankings which sits at the bottom, Banque Commerciale du Congo of DRC boasts of assets valued at $581,5 million (about K232 billion) which is way above the total assets of Malawi biggest bank by assets, National Bank of Malawi (NBM).
According to interim results for Malawi banks compiled this week by the Malawi Stock Exchange (MSE) as at June 30 2014, NBM total assets were K193.6 billion but based on unaudited results.
“To compile our ranking of Africa’s top 200 banks, we sent out detailed questionnaires to more than 900 financial institutions based on the continent. We used their replies to create a systematic ranking of Africa’s top banks based on total asset,” reads the African Report in part.
It says all the data is communicated to the researcher by the banks themselves or their parent companies and that the numbers relate to those of the preceding financial year.
The report goes further to state that overall, the biggest banks on the continent experienced their own “double dip”.
It says total assets of Africa’s top 200 biggest banks in 2014 rankings stood at $1.39 trillion, down 3.9 percent on the previous year.
“The poor performance was led by Southern African Banks, which represent 46 percent of the assets in the top 200.”
this just demonstrates how small the economy of Malawi is and how sleepy we have been. There are a lot of opportunities in Malawi particularly in the toursim sector to boost our foreign incomes. But how can we achieve that if tourist towns like Salima, Mangochi, Mulanje, Chikwawa, Kasungu, Nkhotakota Nkhatabay, Rumphi look like shanty towns? No airport at all in Mangochi, no real hotel in Cape McClear, no road worth mentioning to these places. Just look at Zambia. I really feel sorry for ourselves with what Zambia is able to achieve currently and the ambitious programme of infrastractural development that they have set in motion. Check the new airport at Livingstone, near Victoria falls, or the design of the new airport that is being constructed in Lusaka. Surely if we do not change our attitude as Malawians, people all over the world will be coming to Malawi to learn about and witness poverty when such word will not exist anywhere else in the world. Instead all our efforts are geared towards federation as if that is what can bring development to this country. Pathetic
I agree fully, we are the only country lagging behind in the region. Our leaders are focused on politics rather than development. shame on us all.
@ Inu, its a pity you are talking our neighbour’s infrastructure, just look around you no sewer that works, no power, no water. As we start digging water wells in our backyards we will just suck up our own shit. That is the Malawi I know, and for some crazy dude and perty to declare Malawi developed and change the rising sun on the flag to a noon day sun. Shame, the best he could have done was remove the sun and declare our situation midnight.
@ Inu, its a pity you are talking our neighbour’s infrastructure, just look around you no sewer that works, no power, no water. As we start digging water wells in our backyards we will just suck up our own shit. That is the Malawi I know, and for some crazy dude and perty to declare Malawi developed and change the rising sun on the flag to a noon day sun. Shame, the best he could have done was remove the sun and declare our situation midnight.
The top banks on the list are multinational banks that is they operating in more than one country. Our banks are just sitting phwii in Malawi.
Malawian banks only know how to operate in Malawi where they make supernormal profits by having overcharging customers through high interest rate and other fees. They immeadiately develop cold feet to operate abroad as they cannot withstand the heat of the competition. This is typical of Malawi business, which thrives on monopolistic tendencies by overcharging customers.
Malawian banks are satisfied to be big fishes in a small pond rather than being medium fishes in a
big pond.
Advise to the educated sitting duck in Malawi banks is you have to go international more compared to local business and that can as well boost our countries economy. Don’t just focus on Malawi market alone but if you look at infrastructure project might give as a boost. Be serious