Tags: Nico

Nico General eyes 45% market share

Nico General Insurance Company, a subsidiary of Malawi Stock Exchange (MSE)-listed financial services group Nico Holdings Limited, has touted 2014 as a good year for business and plans to grow its market share next year to 45 percent from 33 percent. The insurance firm, according to its chief executive officer Eric Chapola, said in the…

KUM suspension will not affect economy—IMF

Global multilateral lender, the International Monetary Fund (IMF), has allayed fears that the suspension of Kayelekera Uranium Mine (KUM) in Karonga will suppress Malawi’s economic growth in 2014. The Bretton Woods institution has also backed the decision by the Australian miner to have the mine suspended until uranium prices rebound on the international market arguing…

Nico holdings poised to break new heights

Financial services group Nico Holdings Limited has said it is poised to break new heights based on its 2013 performance which included remarkable profit and its strategic partnership with Sanlam Emerging Markets (SEM). The group’s chairperson Alaudin Osman said although the economies in which the company operates, which include Tanzania, Zambia, Uganda and Mozambique continued…

The yellow cake that never cheered Malawi

Announced amid a huge political storm—a post election impasse refusing to abate—news that Australian energy giant, Paladin Energy Limited has halted production at the country’s sole uranium mine at Kayelekera in Karonga has been greeted with nervousness and regret by the country’s economic watchers. The development has, however, received a little lukewarm reaction than it…

Commercial banks borrow K27.5 billion

Commercial banks borrowed K27.5 billion on the interbank market—from the Reserve Bank of Malawi (RBM) and other commercial banks—according to available data, signalling liquidity squeeze in the money market. The RBM also sold foreign exchange amounting K583 million on May 2 to the market apparently to support importation of the country’s critical requirements.   In…

NBS Bank profit up 163%, recommends no dividend

NBS Bank after-tax profit for the year ended December 31 2013 jumped 163 percent to K1.9 billion, according published extracts of consolidated results. The Malawi Stock Exchange (MSE)-listed bank and its subsidiary NBS Forex Bureau Limited reported profit before tax of K2.9 billion during the year, representing 92 percent growth rate while total gross income…

Malawi inter-bank lending rates slupm 14%

Inter-bank lending rates—the rate at which banks lend to each other—fell to 14 percent by Thursday last week, indicating a marked improvement in commercial bank’s liquidity levels. Reserve Bank of Malawi (RBM) data show that the inter-bank lending rate for overnight borrowing dropped to 14 percent on February 20 from an average 21.6 percent in…