{"id":46335,"date":"2023-07-26T11:09:56","date_gmt":"2023-07-26T11:09:56","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies"},"modified":"2023-07-26T11:29:27","modified_gmt":"2023-07-26T11:29:27","slug":"nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies","title":{"rendered":"NBM optimistic on Akiba Bank, UGI turn-around strategies"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>National Bank of Malawi (NBM) Plc has expressed optimism on turn-around investment for its subsidiaries, Akiba Commercial Bank in Tanzania and United General Insurance Company Limited (UGI) in 2023.<\/p>\n

NBM holds 47 percent of UGI\u2019s share capital, and also acquired 60.48 percent shareholding in Akiba Bank in 2021.<\/p>\n

However, during NBM\u2019s 2023 Annual General Meeting (AGM) in Blantyre on Thursday, board chairperson Jimmy Lipunga announced an increase in profit-after-tax for the year 2022 of K45.9 billion from K34 billion representing a 34% increase, with the two subsidiaries registering losses.<\/p>\n

\u201cWhen you are acquiring new subsidiaries, the rule of thumb is you start with the unsuccessful ones. You don\u2019t go for good performing entities because you will destroy your capital. So, the best is to go to ailing institutions and then use your capability to turn them around.\u201d<\/p>\n

\u201cAbout Akiba (Commercial Bank), the intention is to improve deposit mobilization, and also minimize the cost of doing business there, as a result of these initiatives we have seen a turn-around and we expect profitability to be returned by the end of 2023. The same is true of United General Insurance company, and tough measures have been put in place likewise. We expect a different story in a year,\u201d said Lipunga.<\/p>\n

According to NBM\u2019s financial performance report, Akiba Bank made a loss after tax of K4.072 million in the year ending December 31, 2022, while in 2021 it was K1.942 million which has been attributed to significant increases in provisions for loans and tax.<\/p>\n

On NBM\u2019s overall performance, Lipunga also highlighted some factors that caused a turbulent financial environment despite the success registered.<\/p>\n

\u201cThe growth in 2022 was adversely affected by weather-related shocks in some parts of the country such as erratic rains and cyclones. The country experienced cyclones Ana and Gombe, which came along with heavy rains and subsequent flooding particularly in the southern part of Malawi during the first quarter of 2022.\u201d<\/p>\n

\u201cThe economy also faced a critical shortage of foreign exchange which precipitated a 25 percent devaluation of the Malawi Kwacha mid-year thereby putting a lot of pressure on inflation. The Russia\/Ukraine war which started in February 2022 led to global supply chain challenges and high commodity prices,\u201d explained Lipunga.<\/p>\n

Shareholder Emmanuel Chinunda hailed the Bank for the share appreciation which he said has been high in most of the counters.<\/p>\n

\u201cThis is a stellar performance. They have performed extremely well and we as shareholders are happy with the results,\u201d said Chinunda.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. National Bank of Malawi (NBM) Plc has expressed optimism on turn-around investment for its subsidiaries, Akiba Commercial Bank in Tanzania and United General Insurance Company Limited (UGI) in 2023. NBM holds 47 percent of UGI\u2019s share capital, and also acquired 60.48 percent shareholding in Akiba Bank in 2021. However, during NBM\u2019s 2023 […]<\/p>\n","protected":false},"author":84,"featured_media":46334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,371,234],"class_list":["post-46335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nNBM optimistic on Akiba Bank, UGI turn-around strategies - Malawi<\/title>\n<meta name=\"description\" content=\"National Bank of Malawi (NBM) Plc has expressed optimism on turn-around investment for its subsidiaries, Akiba Commercia ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBM optimistic on Akiba Bank, UGI turn-around strategies\" \/>\n<meta property=\"og:description\" content=\"National Bank of Malawi (NBM) Plc has expressed optimism on turn-around investment for its subsidiaries, Akiba Commercia ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-26T11:09:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-26T11:29:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1690354625.963755.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1154\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NBM optimistic on Akiba Bank, UGI turn-around strategies\",\"datePublished\":\"2023-07-26T11:09:56+00:00\",\"dateModified\":\"2023-07-26T11:29:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies\"},\"wordCount\":423,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2023\/07\/sm_1690354625.963755.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/nbm-optimistic-on-akiba-bank-ugi-turn-around-strategies\",\"name\":\"NBM optimistic on Akiba Bank, UGI turn-around strategies - 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