On its 48th Annual General Meeting (AGM), National Bank of Malawi (NBM) plc on Thursday confirmed a K17.16 billion profit for the year ending December 2019, up from a K15.97 billion profit posted in 2018, representing 7% growth.

The results follow after a summary of audited results in April showed an increase in profit after tax, posting the above.

The AGM was held virtually due to the Covid-19 pandemic, as  NBM plc board chairman, George Partridge, outlined that the bank weathered pre and post-elections political tensions which negatively affected the general business environment. Looking into 2020, the negative impact of the Covid-19 pandemic on productivity and supply chains on the world economies and on the country will significantly affect growth prospects, according  to Partridge. On the other hand, the bank is in the process of acquiring a controlling stake of a bank in Tanzania.