There are all smiles within the corridors of National Bank Malawi after the banking institution posted a record breaking MK 101.71 billion profit.
However, concerns are being raised undesired performance of Akiba Commercial Bank — a subsidiary of the bank in Tanzania, which is yet to start to register profits.
Meanwhile, board chairperson for National Bank of Malawi Jimmy Lipunga has attributed this success story to a creative team both at board and management level.
Lipunga who is now stepping aside as board chairperson has also told MIJ Online … in the year under review a final dividend of MK28.6 billion was declared bringing the total dividend to MK126.35 billion.
Reflecting on his tenure as board chairperson for the NBM Lipunga expressed satisfaction with the growth, profile and profitability achieved.
However, turning on the undesired performance of Akiba Commercial Bank he said the board has instituted investigations to remedy the situation and turnaround its performance.
Meanwhile, shareholders of the bank are asking National Bank of Malawi to expedite the turnaround of the subsidiary — Akiba Commercial Bank.
According to Joe Maere one of the shareholders Akiba Commercial Bank has potential to flourish in the Tanzanian economy if things are gaps are identified and solutions found.
These revelations were made when the bank held its 53rd Annual General Meeting at the Leadership Centre in Blantyre.
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