Malawi Stock Exchange listed financial services giant, Nico Holdings Limited, saw its aftertax profit surging by 307 percent in 2017 to hit K11.1 billion thanks to a strong performance of its subsidiaries.<\/p>\n
Briefing market analysts and reporters in Blantyre on Thursday, Nico Holdings Chief Executive Officer, Vizenge Kumwenda, said the growth in profitability was fuelled by a strong performance in general and life insurance, asset management and banking.<\/p>\n
Kumwenda said the results were also boosted by a strong performance in the equity market.<\/p>\n
Among others Kumwenda said the group\u2019s gross revenue increased by 30 percent to K134.4 billion compared to K103.5 billion in 2016.<\/p>\n
\u201cProfit before tax increased by an impressive 1081 percent to K16.4 billion compared to restated profit of K1.3 billion in 2016,\u201d Kumwenda said.<\/p>\n
He said the prior year comparatives were restated due to 2016 adjustment relating to loan impairment losses in NBS Bank.<\/p>\n
Kumwenda said NBS Bank, which raised K11.8 billion last year through a rights issue to solidify its operations has started showing good signs of recovery.<\/p>\n
Recently, the bank entered into a technical service agreement with Rabobank of the Netherlands which has enabled NBS to access technical support from a bank of world repute.<\/p>\n
\u201cWe are convinced that the initiatives we have undertaken at the bank will ensure that we offer a service that meets the needs and expectations of our clients. It is, therefore, pleasing that the bank is now registering profit every month from July 2017.<\/p>\n
\u201cOverall the bank is in a loss situation at the end of the year as a result of a loss incurred up to June 2017. However, the loss that the bank has achieved in the year is significantly lower than that in 2016,\u201d Kumwenda said.<\/p>\n
He said the bank\u2019s directors will propose a final dividend of K1 per share at its forthcoming annual general meeting which would bring the total paid in 2017 to K1.5 billion as compared to K417 million in 2016.<\/p>\n
Looking ahead, Nico Holdings said it looks forward to improved business this year and beyond buoyed by positive developments in the macroeconomic fundamentals.<\/p>\n","protected":false},"excerpt":{"rendered":"
Malawi Stock Exchange listed financial services giant, Nico Holdings Limited, saw its aftertax profit surging by 307 percent in 2017 to hit K11.1 billion thanks to a strong performance of its subsidiaries. Briefing market analysts and reporters in Blantyre on Thursday, Nico Holdings Chief Executive Officer, Vizenge Kumwenda, said the growth in profitability was fuelled […]<\/p>\n","protected":false},"author":3,"featured_media":64626,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-64625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/64625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=64625"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/64625\/revisions"}],"predecessor-version":[{"id":64627,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/64625\/revisions\/64627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/64626"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=64625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=64625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=64625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}