National Bank of Malawi

Ticker code NBM Industry Money Center Banks NBM Towers
7 Henderson Street
P.O. Box 945
Blantyre, Malawi
ISIN MW000A1C5ME4 Sector Financial
Initial Listing 21 August 2000 Financial Year End 31 December
Website www.natbank.co.mw Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement of comprehensive income
Income
Net interest income 6,841 8,160 9,863 19,718 21,700
Commission and fee income 2,113 3,845 6,374 6,269 7,432
Profit from dealing in foreign currencies 1,503 995 4,626 6,089 7,915
Income from operating leases 634 631 511 684 666
Net gains on financial instruments classified as held for trading -41 36 76 646 686
Profit on disposal of equity investments 3 -1 14 36 6
Share of profits of associate 41 1 26 80 97
Dividend income 62 40 51 43 104
Properties fair value gain/loss 42 -1491 838 406 616
Profit on disposal of property, plant and equipment 124 14 554 69 65
Total income 11,322 12,230 22,933 34,040 39,287
Expenditure
Staff costs 3,012 2,243 5,552 7,734 8,026
Other operating expenditure 3,352 4,641 5,769 7,644 9,930
Total expenditure 6,364 6,884 11,321 15,378 17,956
Profit before recoveries and impairment losses on loans and advances 4,958 5,346 11,612 18,662 21,331
Recoveries on impaired loans and advances 326 207 253 512 1,344
Impairment losses on loans and advances -206 -317 -860 -728 -2,014
Profit before income tax 5,078 5,236 11,005 18,446 20,661
Income tax expense -1,649 -1,678 -3,418 -5,740 -6,132
Profit for the year 3,429 3,558 7,587 12,706 14,529
Total other comprehensive income 99 636 1,873 2,787 2,953
Total comprehensive income for the year 3,528 4,194 9,460 15,493 17,482
Earnings per share (MK) 7.38 7.62 16.22 27.15 31.06
Diluted earnings per share(MK) 7.37 7.62 16.22 27.15 31.06
Dividend per share (MK) 4.18 4.48 7.7 10.49 11.55
Statement of financial position
Total assets 82,807 92,109 133,510 185,302 228,413
Total liabilities 69,223 76,406 111,943 153,139 184,172
Equity attributable to owners of the parent 13,577 15,696 21,548 32,117 44,182
Non-controlling interests 7 7 19 46 59
Total equity 13,584 15,703 21,567 32,163 44,241
Total equity and liabilities 82,807 92,109 133,510 185,302 228,413
Statement of cash flows
Net cash flow from operating activities 1,939 9,335 17,141 48,846 15,488
Net cash flow from investing activities 1,921 -5,829 -2,319 -14,527 -14,067
Net cash used in/from financing activities -1,915 -2,075 -200 1,457 -8,170
Net decrease/increase in cash and cash equivalents 1,945 1,431 14,622 35,776 -6,749
Cash and cash equivalents at beginning of year 11,668 13,612 15,043 29,665 65,441
Cash and cash equivalents at end of year 13,612 15,043 29,665 65,441 58,692

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Income
Interest and similar income 7,994 9,116 12,270 25,008 25,473
Interest expense and similar charges -1,153 -956 -2,407 -5,290 -3,773
Net interest income 6,841 8,160 9,863 19,718 21,700
Commission and fee income 2,113 3,845 6,374 6,269 7,432
Profit from dealing in foreign currencies 1,503 995 4,626 6,089 7,915
Income from operating leases 634 631 511 684 666
Net gains on financial instruments classified as held for trading -41 36 76 646 686
Profit on disposal of equity investments 3 -1 14 36 6
Share of profits of associate 41 1 26 80 97
Dividend income 62 40 51 43 104
Properties fair value gain/loss 42 -1491 838 406 616
Profit on disposal of property, plant and equipment 124 14 554 69 65
Total income 11,322 12,230 22,933 34,040 39,287
           
Expenditure
Staff costs 3,012 2,243 5,552 7,734 8,026
Other operating expenditure 3,352 4,641 5,769 7,644 9,930
Total expenditure 6,364 6,884 11,321 15,378 17,956
           
Profit before recoveries and impairment losses on loans and advances 4,958 5,346 11,612 18,662 21,331
Recoveries on impaired loans and advances 326 207 253 512 1,344
Impairment losses on loans and advances -206 -317 -860 -728 -2,014
Profit before income tax 5,078 5,236 11,005 18,446 20,661
Income tax expense -1,649 -1,678 -3,418 -5,740 -6,132
Profit for the year 3,429 3,558 7,587 12,706 14,529
           
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Surplus on revaluation of properties 340 706 1,111 898 1,901
Deferred tax on revalued assets -241 -70 762 1,706 1,033
Items that may be reclassifed subsequently to profit or loss
Fair value movement on available for sale assets - - - 183 19
Total other comprehensive income  99 636 1,873 2,787 2,953
Total comprehensive income for the year 3,528 4,194 9,460 15,493 17,482
           
Profit attributable to:
Equity holders of the company 3,447 3,558 7,575 12,679 14,505
Non-controlling interests -18 - 12 27 24
Comprehensive income attributable to:
Equity holders of the company 3,546 4,194 9,448 15,466 17,458
Non-controlling interests -18 - 12 27 24
Earnings per share (MK) 7.38 7.62 16.22 27.15 31.06
Diluted earnings per share(MK) 7.37 7.62 16.22 27.15 31.06
Dividend per share (MK) 4.18 4.48 7.7 10.49 11.55

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Interest income 12,808 12,200 12,367 13,106 15,336
Interest expense -2,522 -2,768 -2,028 -1,745 -1,950
Net interest income 10,286 9,432 10,339 11,361 13,386
Other income 6,397 7,925 8,242 9,345 8,733
Net income 16,683 17,357 18,581 20,706 22,119
Operating expenses -7,328 -8,050 -8,860 -9,096 -10,611
Profit before recoveries on impaired loans and advances 9,355 9,307 9,721 11,610 11,508
Net recoveries/expense on impaired loans and advances -119 -97 424 -1,094 267
Profit before taxation 9,236 9,210 10,145 10,516 11,775
Income tax expense -2,955 -2,785 -3,209 -2,923 -3,637
Profit after tax 6,281 6,425 6,936 7,593 8,138
           
Other comprehensive income
Gains on property valuations - 898 - 1,901 -
Fair value movement on available for sale assets - 183 -140 159 -97
Deferred tax on revalued assets - 1,706 - 1,033 -
Other comprehensive income net of tax - 2,787 -140 3,093 -97
Total comprehensive income for the year 6,281 9,212 6,796 10,686 8,041
           
Profit attributable to shareholders:
Owners of the parent 6,270 6,409 6,920 7,585 8,121
Non-controlling interests (minorities) 11 16 16 8 17
Comprehensive income attributable to shareholders:
Owners of the parent 6,270 9,196 6,780 10,678 8,024
Non-controlling interests (minorities) 11 16 16 8 17
Dividends paid
Interim - 3,399 - 2,498 -
Final (for prior year) 1,499 1,498 2,895 2,895 4,669
Total 1,499 4,897 2,895 5,393 4,669
Earnings per share (MK) 13.43 27.15 14.82 16.24 17.39
Dividend per share (MK) 3.21 10.49 6.20 5.35 10.00
Number of ordinary shares in issue (millions) 467 467 467 467 467

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Assets
Cash and funds with Reserve Bank of Malawi 5,474 8,155 8,797 18,830 28,992
Government of Malawi treasury bills and Reserve Bank of Malawi bonds 3,928 7,062 7,801 8,209 23,523
Government of Malawi local registered stock 543 467 372 - -
Government of Malawi promissory notes - - - 10,765 6,552
Equity investments 884 695 732 1,577 2,483
Investment in associates 202 196 214 380 454
Investment in subsidiaries - - - - -
Placements with other banks 9,515 8,753 19,347 33,784 26,516
Loans and advances 42,529 46,573 63,001 62,918 79,322
Other money market deposits 437 1,009 6,125 13,039 8,412
Assets held for sale - 454 - - -
Other assets 5,636 4,201 8,539 12,738 24,934
Property, plant and equipment 12,359 12,685 15,366 17,650 19,984
Intangible assets 1,293 1,442 2,082 2,912 3,819
Deferred tax 7 417 1,134 2,500 3,422
Total assets 82,807 92,109 133,510 185,302 228,413
           
Liabilities and equity
Customer deposits 59,023 66,751 91,501 123,855 144,967
Amounts due to other banks 1,813 2,874 583 212 5,228
Current income tax liabilities 125 1,030 1,303 1,740 1,930
Loans - - 3,395 8,348 5,582
Provisions - - 1,772 1,975 2,617
Other liabilities 6,766 5,166 13,389 17,009 23,848
Post employment benefit obligations 1,496 585 - - -
Total liabilities  69,223 76,406 111,943 153,139 184,172
           
Equity 
Capital and reserves
Share capital 467 467 467 467 467
Share premium 597 613 613 613 613
Loan loss reserve 411 466 632 - 1,077
Available for sale reserve - - - 183 202
Revaluation reserve 1,671 2,291 3,785 6,230 9,115
Retained earnings 10,431 11,859 16,051 24,624 32,708
Equity attributable to owners of the parent 13,577 15,696 21,548 32,117 44,182
Non-controlling interests 7 7 19 46 59
Total equity 13,584 15,703 21,567 32,163 44,241
Total equity and liabilities  82,807 92,109 133,510 185,302 228,413
           
Memorandum items
Contingencies-guarantees and performance bonds 2,434 4,215 5,551 1,692 1,138

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Liabilities and equity
Customer deposits 98,232 123,855 128,482 144,967 145,547
Current income tax liabilities 2,038 1,640 1,894 1,930 2,322
Other liabilities 20,093 19,196 21,280 31,693 25,999
Loans and borrowings 6,809 8,348 5,937 5,582 3,720
Equity attributable to owners of the parent 26,320 32,117 36,002 44,182 47,675
Non-controlling interest 29 46 50 59 61
Total liabilities and equity 153,521 185,202 193,645 228,413 225,324
           
Assets
Cash and funds with Reserve Bank of Malawi 7,720 18,830 23,415 28,992 30,041
Government of Malawi Treasury bills 1,465 4,892 17,350 22,208 47,635
Reserve Bank of Malawi bill bonds 4,358 3,317 2,362 1,315 1,360
Government of Malawi promissory notes 19,602 10,765 8,509 6,552 4,514
Equity investments 795 1,577 1,953 2,483 3,002
Investment in associates 344 380 442 454 478
Investment in subsidiaries - - - - -
Placements with other banks 19,729 33,784 17,399 26,516 11,094
Loans and advances to customers 62,127 62,918 69,279 79,322 71,736
Other money market deposits 6,387 13,039 12,582 8,412 9,678
Other assets 11,456 12,738 16,594 24,934 18,621
Property, plant and equipment 15,777 17,650 17,692 19,984 19,690
Intangible assets 2,627 2,912 3,560 3,819 4,042
Deferred tax assets 1,134 2,500 2,508 3,422 3,433
Total assets 153,521 185,302 193,645 228,413 225,324
           
Memorandum items
Contingent liabilities - guarantees 6,879 1,692 1,224 1,138 1,194

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Audited Audited Audited Audited Audited
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Cash flows from operating activities
Profit before tax 5,078 5,236 11,005 18,446 20,661
Adjustments for:
Depreciation 1,004 1,320 1,392 1,732 2,056
Profit on disposalof property, plant and equipment -124 -14 -554 -69 -65
Gain on disposal of equity investments -3 1 -14 -36 -6
Net gains on financial instruments classified as held for trading 41 -36 -76 -646 -686
Dividend receivable -62 -40 -51 -43 -104
Net fair value on revaluation of properties -42 1491 -838 -396 -616
Share of profits of associate -41 -1 -26 -80 -97
Increase in customer deposits 3,951 7,728 20,728 36,375 21,112
Increase in other liabilities and provisions -223 -1,600 9,994 2,422 7,481
Decrease in employment benefit obligations 393 -911 -585 - -
Increase/decrease in loans and advances -4,965 -4,043 -16,428 83 -16,404
Increase in other assets -1,051 1,432 -4,316 -4,012 -12,013
Cash generated from operations  3,956 10,563 20,231 53,776 21,319
Taxation paid -2,017 -1,228 -3,090 -4,930 -5,831
Net cash flow from operating activities 1,939 9,335 17,141 48,846 15,488
           
Cash flows from investing activities 
Increase in investments with maturity over three months 6,695 -3,057 -651 -10,983 -11,175
Purchase of property, plant and equipment -5,026 -3,134 -2,968 -3,600 -3,628
Proceeds from disposal of property, plant and equipment 300 343 1,214 117 918
Purchase of equity investments -110 -130 -15 -154 -310
Proceeds from disposal of equity investments - 109 50 50 24
Dividends received 62 40 51 43 104
Net cash flow from investing activities  1,921 -5,829 -2,319 -14,527 -14,067
           
Cash flows from financing activities
Proceeds from issue of shares 35 16 - - -
Repayments/proceeds from borrowings - - 3,395 4,953 -2,766
Dividends paid -1,950 -2,091 -3,595 -3,496 -5,404
Net cash used in/from financing activities -1,915 -2,075 -200 1,457 -8,170
           
Net decrease/increase in cash and cash equivalents 1,945 1,431 14,622 35,776 -6,749
Cash and cash equivalents at beginning of year 11,668 13,612 15,043 29,665 65,441
Cash and cash equivalents at end of year  13,612 15,043 29,665 65,441 58,692

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Cash flows from operating activities
Profit before tax 9,236 9,210 10,145 10,516 11,775
Adjustments for:
Depreciation 807 925 991 1,065 1,010
Fair value gain on equity investments -52 -594 -222 -464 -372
Profit on disposal of fixed assets -27 -42 -34 -31 -18
Profit/loss on disposal of equity investments 1 -37 -5 -1 -
Dividends received -11 -32 -60 -44 -33
Share of profits of associate -29 -51 -68 -29 -28
Gain on revaluation of properties - -396 - -616 -
Increase in operating assets -2,057 -1,872 -10,270 -18,147 13,903
Increase in operating liabilities 6,795 32,002 5,802 22,791 -2,820
Cash generated from operating activities  14,663 39,113 6,279 15,040 23,417
Tax paid -2,196 -2,734 -3,055 -2,776 -3,246
Net cash from/used in operating activities 12,467 36,379 3,224 12,264 20,171
           
Net cash outflow from investing activities  -19,101 4,574 -11,083 -2,984 -24,453
           
Net cash inflow/outflow from financing activities 1,916 -459 -5,306 -2,864 -6,532
           
Net increase/decrease in cash and cash equivalents -4,718 40,494 -13,165 6,416 -10,814
Cash and cash equivalents at beginning of period 29,665 24,947 65,441 52,276 58,692
Cash and cash equivalents at end of period  24,947 65,441 52,276 58,692 47,878