Figures from the financial results for the first half of 2020, show that Press Corporation’s profit went up 14% from K11.16 billion during the period in review last year, to K12.69 billion.
According to a statement containing the results, the above is attributed to the conglomerate’s financial services, notably National Bank of Malawi (NBM) plc registering a 16% increase in non-interest income and 11% growth in the subsidiary’s loan book. Whilst celebrating that the results were achieved amidst the coronavirus pandemic, the conglomerate’s Board Chairperson and Group CEO agree that the pandemic may increase non-performing loans.
Looking forward, the Group says the economic outlook for Malawi appears promising following the successful fresh presidential elections, as the Covid-19 pandemic continues to present a significant downside risk to the economy. The company resolved to pay an interim dividend of K721.20 million (2019: K721.20) representing K6.00 per share (2019:MK6.00 per share).