Malawi Stock Exchange (MSE) – listed National Bank of Malawi (NBM) registered a 13 percent jump in share price in the two-week period surrounding the bank’s announcement of a K72 billion profit after-tax for the year 2023.
In the week preceding the announcement made on April 2 2024, the bank’s shares were moved from trading at K2, 120 per share but at the close of the week ending April 5, the share price closed at K2, 400 per share.
The development has culminated in the bank’s market capitalisation reaching K1.12 trillion, making it the highest trading counter on the local bourse.
NBM Marketing and Corporate Affairs Manager Akossa Hiwa said this reflects on the bank’s growth strategy as it provides quality services to the customers.
“Our recent financial performance has demonstrated that we are the giant in the banking sector, and that people are willing to trade on our shares on the stock exchange,” Hiwa said.
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Market analyst Bond Mtembezeka said the recently released financial results have triggered demand for the bank’s shares.
“It has generated demand for NBM shares as investors want to lock in on the counter now as the trajectory is clear that NBM will continue to perform better and drive home stellar results,” Mtembezeka said.
According to weekly market reports for the past two weeks, out of the five listed banks, FMB Capital Holdings (FMBCH) registered a share price drop to K380 per share from K411.88 at the beginning for the week ending March 28 2024.
The remaining bank’s share prices were stable, with Standard Bank closing at K3, 950.23 per share, NBS Bank closing at K109.90 per share, and FDH bank closing at K65.08 per share during the period under review.
