NBM profits forecast to rise by 40%

In compliance with the listing requirements of the Malawi Stock Exchange (MSE), National Bank of Malawi (NBM) has released a press statement which says profits this year are forecast to rise by at least 40% compared to last year’s results.
Interim financial results for the period ended 2013 indicate a pre-tax profit of MWK9.2bn compared with MWK4.9bn during the same period last year. In the interim results, NBM noted that the first half of 2013 was fairly positive signalling some modest economic recovery as a result of increased capacity utilization in most sectors.
In October this year, National Bank ran its first ever online advertisement targeted towards mobile internet audiences via www.malawi-music.com promoting its mobile banking product, Mo626. It is yet to be seen how the new mobile banking product will fare against similar mobile banking offerings from Airtel (Airtel Money) and TNM’s Mpamba Mobile money. Earlier this week, Airtel Malawi announced that it had registered 500,000 users for its mobile money product and had processed a total of U$12 million in mobile money transactions.