NBM Development Bank posts K893m profit
NBM Development Bank Ltd has registered a profit-after-tax of K893 million in 2023 on account of a growing loan book and investment fund.
The profit-after tax is a rise from the K304 million posted the previous year.
In a summary of audited financial statement for the year ended December 2023 signed by board chairperson Macfussy Kawawa and director Kasim Aroni, the National Bank of Malawi (NBM) plc subsidiary said this is despite a subdued operating environment.
Reads the statement in part: “These results were largely driven by the growth of the loan book and funds under investments which saw total interest income growing by 124 percent. The bank’s loan book grew by 137 percent in 2023.
“The operating environment was largely subdued as a result of inflationary pressures, the devaluation of the kwacha and acute foreign currency shortages which negatively impacted the implementation of projects in various sectors which the bank operates in.”
Looking forward, notwithstanding the challenging operating environment anticipated in 2024, the bank said the uptake of credit facilitaties by small and medium enterprises is expected to increase.
“The bank is, therefore, expected to remain resilient and continue in its growth trajectory in 2024,” reads the statement on part.
