Economic activity continues to decline

National Bank of Malawi (NBM) plc says there are fears that the economy could slip into recession this year as gross domestic product (GDP) is projected to contract by -3.5 percent due the Covid-19 pandemic.

In its July Monthly Economic Review published on Saturday, NBM plc said like many countries across the world, Malawi’s growth prospects are shrouded in uncertainty with the worst-case real GDP to experience a recession.

Reads the review in part: “Burgeoning public debt and deficit spending coupled with the worst-case recession forecast means that the new administration may not have recourse to a fiscal stimulus package to kick-start the economy. Fiscal consolidation remains the only viable option for the new Minister of Finance.

Napoleon Dzombe is a great man. He is not the incarnation of that 18th Century famous Frenchman, Napoleon Bonaparte. But, even in a different field, he has the same ingenuity as that of the artillery commandeering citizen of France.

His war is different. His military hardware is different. His approach to the wars he fights is different. But his guts and wisdom and purposes aren't different.

Dzombe isn't leading a political revolution; he is leading a welfare revolution among his people in Mtalimanja Village in Dowa District.

…declares K4.3 billion dividend

Partridge addresses the Virtual AGM

Listed National Bank of Malawi (NBM) plc on Thursday declared a profit of K17.16 billion, up from K15.97 billion reported in 2018 representing a 7% profit jump for the year ending December 31, 2019.

Addressing the Bank’s 48^th Annual General Meeting (AGM) which was held virtually due to the Covid-19 pandemic, NBM plc Board Chairman George Partridge said non-interest income grew by 10% net Interest and Investment Income grew by 12%.  

National Bank of Malawi (NBM) plc has partnered the United Nations Development Fund (UNDP) in the growth accelerator programme which seeks to support Small to  Medium Enterprises (SMEs) grow and scale up their businesses through access to risk capital.

NBM plc Head of Retail Banking Division Oswin Kasunda said in an interview yesterday that the bank felt it was important to be a partner in the programme by providing matching funds to the SMEs which is a requirement for them to access funding of up to US$40,000 from UNDP and the Royal Norwegian Embassy, the main funders of the programme.

Kawawa poses with Mulanje Service Centre staff members with their gifts

National Bank of Malawi (NBM) plc Chief Executive Officer Macfussy Kawawa Thursday evening paid a surprise visit to Mulanje Service Centre where he awarded all staff members with various gifts for an excellent internal audit score.

Kawawa said he was impressed with the audit score of 82% in 2019 from 59% the previous year.

“This is to convey my personal congratulations on your outstanding performance in the 2019 Audit results. Your achievement is exceptional and deserves special recognition and of course, celebration as no Service Centre has attained ‘Excellent’ score in many years.”

National Bank of Malawi (NBM) plc has introduced a Cardless Withdrawal service to enable customers and non-customers withdraw money at any of the banks Automated Teller Machines (ATM) without a card.

 Speaking to journalists in Blantyre on Thursday, the bank’s head of e-Banking William Kaunda said the development is in line with listed banks vision to enhance its customers experience through provision of innovative products and services.

He said; “The Cardless Withdrawal service brings in convenience to the customer in an event where the customer has forgotten or lost their card but needs to cash out money from the ATM. This service thus comes in handy to assist that customer.

Conglomerate Press corporation limited and its subsidiary national bank of Malawi (NBM) plc has donated assorted items worth K35 million to Blantyre District head office DHO and College of Medicine (COM) to help in the fight against the novel corona virus (Covid-19) Pandemic

The items include hospital beds with hydraulic adjustable backrest, height and mattresses, Vital signs monitor (blood pressure, pulse and temperature meter), personal protective equipment including gloves, aprons and hand sanitisers.

Urban music artist Piksy on Friday afternoon made a surprise appearance and delivered a catchy performance at the National Bank of Malawi plc’s twin towers head office in Blantyre.

The performance was part of the listed bank’s Unlock Your Potential campaign, which is a response to the global coronavirus (Covid-19) pandemic. The initiative aims at harnessing the positives and opportunities people can attain during this time.

Elegantly dressed to suit the corporate atmosphere offered by the immaculate banking hall, Piksy started his performance with his 2018 hit Umakwana which immediately transformed the mood of NBM staff and customers who were present in the Henderson Street Service centre.