Nearly all listed companies on the Malawi Stock Exchange (MSE) recorded robust earnings in 2025, with banks, insurers and telecoms driving a broad-based surge in profitability.
National Bank of Malawi (NBM) led the charge, posting a profit-after-tax of K197.97 billion, about 95 percent jump from K101.71 billion in 2024— buoyed by a 62 percent rise in net revenue and strong deposit growth.
NBM plc parent company, Press Corporation plc, reported group profit after tax of K261.04 billion, more than double the prior year.
Standard Bank Malawi plc registered a 41 percent increase in profit-after-tax to K122 billion, supported by higher net interest income and non-interest revenue.
FDH Bank doubled its earnings to K147.8 billion, boosted by an 82 percent rise in net interest income and its acquisition of Ecobank Mozambique in September 2025.
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NBS Bank plc, a subsidiary of Nico Holdings, grew profit after tax by 106 percent to K150.4 billion as NICO Holdings itself posted a 141 percent rise in consolidated profit after tax to K323.5 billion, driven by strong performances in banking and life insurance.
FMB Capital Holdings Plc also reported gains, with group profit after tax rising 47 percent to $152.3 million, while its First Capital Bank Malawi unit delivered a 126 percent jump to $61.97 million.
Illovo Sugar Malawi saw its profit more than doubling to K126.2 billion despite weather-related production challenges. Telecommunications companies also posted strong results. Airtel Malawi grew its revenue by 34 percent to K363.1 billion, lifting profit-after-tax by 20 percent to K51.2 billion, while TNM’s net profit surged 112 percent to K21.27 billion.
National Investment Trust Limited reported one of the sharpest gains, with profit-after-tax rising to K202.1 billion from K29.8 billion in 2024, largely due to fair value gains of K201.9 billion on equity investments.
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Property firms Mpico and Icon Properties also booked solid gains from revaluations.
Tourism counters showed mixed fortunes. Blantyre Hotels registered a group profit-after-tax of K5.4 billion, its first consolidated result following the inclusion of the Lilongwe Ryalls Hotel project, while Sunbird Tourism grew profit after tax by 17 percent to K12.5 billion.
Meanwhile, MSE weekly trading summary for the weeks ending 15 May 2026 indicates broadly stable activity as FDH Bank was the most actively traded by value, closing at K568.64 on 15 May.
NBM held steady at around K10,999, while Standard Bank closed at K4,143.39. Press Corporation rose from K7,821.02 to K8,500.00, Blantyre Hotels edged up from K15.09 to K16.50, TNM slipped slightly to K29.90, and NITL remained firm at K3,930.73.
In a recent interview, MSE Chief Executive Officer John Kamanga said the outlook for the market remains promising.
Stockbrokers Malawi Limited Research and Equity Market Analyst Kondwani Makwakwa strong earnings results, improved dividend prospects, and positive corporate developments could help restore investor confidence and stimulate renewed demand for shares.
“If macroeconomic conditions also begin to stabilise, the market may gradually recover from the recent downturn,” Makwakwa said.
