A summary of audited results of National Bank of Malawi (NBM) has shown an increase in profit after tax, posting K17.16 billion profit in the year ended December 31, 2019.

The sum represents a 7% growth, compared to K15.97 billion reported in 2018. Chief Executive Officer, Macfussy Kawawa attributed the development to negative shocks that affected the economy coupled with poor tobacco export receipts compared to 2018.

Looking forward, the bank has a blur outlook for 2020 is the CEO said it is unlikely that the country will achieve a 5.2% projected economic growth and further reduction of inflation. The pessimism has been attributed to the political uncertainty following the nullification of the Presidential election results, coupled with the coronavirus outbreak. “Climate shocks and the impact of the COVID-19 on the country and its trading partners will also affect the growth prospects,” reads the statement.