RBM 2019 PROFIT JUMPS TO K57 BILLION

The Reserve Bank of Malawi (RBM) has posted a K57 billion profit, up from K19.4 billion registered in the privious year.

According to RBM’s annual financial statements released last week, the central bank’s total comprehensive income increased to K125.5 billion in the year under review from of K47.4 billion in 2018.

The report, signed by RBM Governor Dalitso Kabambe and chairperson of the central bank’s audit committee Maria Msiska, further says total assets of the group increased by K40.1 billion during the year.

Reads the statement: “Significant increases were in Treasury notes at K113.2 billion, balances with foreign banks at K83.3 billion and cash equivalent at K18.2 billion.”

Meanwhile, the bank says it expects excessive volatility on bond portfolios due to coronavirus (Covid-19), with a largely positive outcome.

However, Kabambe, cautioned that the bank will continue to monitor developments as they evolve in light of Covid-19 pandemic and act when necessary to cushion the effects.