NBM profits forecast to rise by 40%
Malawi Stock Exchange (MSE) listed financial services provider, National Bank of Malawi (NBM), has said its profits for this year are forecast to rise by at least 40 percent compared to last year’s.
In a press statement issued this week, signed by NBM company secretary Esnat Mitole, the bank explains that the notice has been given in compliance with listing requirements of the MSE.
The MSE oblige companies to publish a trading update as soon as there is reasonable degree of certainty that financial results will differ with the previous year’s by at least 20 percent.
Mitole has, however, noted that the information on which the trading statement is based is not yet reviewed or reported on by NBM external auditors.
The bank’s audited financial statement will be published in April 2014.
In 2012, the bank reported a 110 percent pretax profit to K11 billion.
NBM interim financial results for the period ended June 2013 indicated that the bank’s pre-tax profit rose to K9.2 billion compared with K4.9 billion same period the previous year.
In the interim results, NBM noted that the operating environment in the first half of 2013 was fairly positive signalling some modest economic recovery evidenced by increased capacity utilisation in most sectors.
This shows that NBM is reaping poor people who mostly are either serving their money or recieve their salary or wage at NBM. How? By over charging the services provided to their “valued customers” This is robbery at its best in the name is conducting banking business while the owners (customers) benefit not from this business but they only become poorer than before. NBM should not be proud of the 40% projected profit.its coming from the milking of customers money who cann’t do anything about it because its banking business. Abomination woooooh!!!
True and well spoken. They get money from Reserve Bank at low interest rate and charge their customers an arm and a leg. Shame. I guess they will enrich increase salaries or bonuses for their executives with their “loot”. Shame on them.