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National bank happy with domestic market

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Malawi Stock Exchange (MSE)- listed National Bank of Malawi (NBM) has said it harbours immediate plans to expand its footprints into other regional markets.

The country’s largest bank by assets said it is contented with the local market in the meantime.

NBM Board Chairman, Georg e Partridge, told journalists on Friday on the sidelines of the bank’s 46th annual general meeting that the bank is focusing on expanding its footing on the local market.

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He said the regional expansion plan would mainly depend on available opportunity in line with the bank’s recently formulated five-year strategic plan.

“If we find an opportunity in the region, definitely we would take up that opportunity. But it is not just for the sake of expanding and an eagle trip into the region, we want to make money for our shareholders. We are in business,” Partridge said.

He said the bank is still exploring the country’s market.

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The number of people accessing bank services in the country remains low compared to those in the region.

According to Partridge, the bank has intensified efforts to play an effective role in the national financial inclusion drive.

“We also have a lot of work to do to expand our own business here in Malawi. But if an opportunity arises outside the country, definitely, we would take it up,” Partridge said.

NBM registered a 15 percent growth in the group profit after tax, from K16.6 billion in 2016 to K19.5 billion in the year under review.

The bank also reported an overall growth of 19 percent in the statement of financial position.

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