NBS Bank plc has announced a significant leap in profitability for the year ending 31 December 2024, projecting a profit after tax between K68.6 billion and K72.5 billion.

This marks an exceptional growth of between 133% and 146.6% compared to the K29.4 billion reported for the same period in 2023 for the ‘Caring Bank’.

In compliance with the Malawi Stock Exchange (MSE) Listings Requirements, the Bank issued a Trading Statement confirming a high degree of certainty regarding its financial performance for the year.

In the statement, NBS Bank plc Company Secretary Marsha Machika stated that the profit increase reflects the Bank’s strong operational strategies and market performance throughout the reporting period.

“This remarkable growth underscores the strength of our business model and our commitment to delivering value for our shareholders. The financial projections are based on internal assessments and have not been audited or reviewed by the company’s external auditors. The Bank expects to publish its audited consolidated and separate financial statements for the year by 30 April 2025,” stated Machika.

The ‘Caring Bank’ continues to solidify its position as one of Malawi’s leading financial institutions, achieving milestones that demonstrate resilience and adaptability in a dynamic economic environment.

Machika further encourages shareholders and stakeholders to wait for the audited results for a comprehensive view of the Bank’s financial performance.

Malawi Stock Exchange-listed National Bank of Malawi (NBM) has announced an anticipated profit growth of up to 37% for the financial year ending December 31, 2024.

The ‘Bank of the Nation’ says it expects its consolidated profit after tax to range between K92.97 billion and K98.25 billion, compared to the K71.96 billion reported in 2023 which represents an impressive increase of 29% to 37%.

In compliance with the Malawi Stock Exchange (MSE) listing requirements, the Bank issued the trading statement to inform stakeholders of the significant deviation exceeding 20% from the previous year’s financial results.

The signed statement by Zunzo Mitole, NBM plc’s Company Secretary, reflects the Bank’s commitment to maintaining transparency with shareholders and stakeholders alike.

Mitole said in the statement that the projected increase reflects a sturdy performance by the Bank, driven by strategic initiatives and operational efficiency despite the challenging economic environment.

“The figures are preliminary and based on internal assessments, as they have not yet been reviewed or audited by external auditors. The final audited financial statements are expected to be published within the required reporting period,” stated Mitole.

The anticipated profit increase signifies the Bank’s consistent commitment to enhancing shareholder value while navigating a dynamic financial landscape.

During its Annual General Meeting within the year, General Secretary for the Minority Shareholders Association, Frank Harawa commended NBM plc for its growth strategy that has seen the Bank register significant profits consistently for the past years.

NBM plc has assured stakeholders in its statement that the audited consolidated and separate financial statements for the year ending December 31, 2024, will be released within the stipulated timeframe, providing detailed insights into its financial standing.

FDH Bank plc has announced that it expects its profit for the year ending December 31, 2024, to grow to between K59.2 billion and K62.5 billion.

This represents a 66 percent and 75 percent increase from the K35.6 billion reported in the previous period last year.

According to the statement released by the Company Secretary Juliano Kanyongolo, the summary consolidated and separate financial statements of the Bank for the year ending December 31^st, 2024 will be published later.

“In terms of the Listing Requirements of the Malawi Stock Exchange, a listed company is required to publish a Trading Statement as soon as there is a reasonable degree of certainty that the financial statements for the period to be reported upon will differ at least 20% from that of the previous corresponding period,” said Kanyongolo.

Kanyongolo further said the information on which the Trading Statement is based has not been reviewed and reported on by its external auditors of FDH plc.

Earlier this year, the Malawi Stock Exchange-listed Bank announced a substantial profit-after-tax increase by 55 percent from K22.932 billion to K35.467 billion last year.

Giant alcoholic beverage producer in the country, Castel Malawi Limited has recognised 69 long serving employees in the year 2024 by giving them certificates and other varying items. 

The company started the rewarding process for this year last week in Mzuzu and Lilongwe where they recognised six employees in each of the two distribution centres. 

On Christmas eve, Castel Malawi extended the awards to 57 more employees in Blantyre by giving them iron sheets, upright fridges, mountain bikes, and six inches double mattresses each according to the years they have served the company.

Castel’s Senior Human Resources Business Partner, Thomas Mafuli presided over the awards ceremony where he emphasized the company’s commitment to motivating its employees in the best way it can manage.

“The reason behind celebrating the employees is that for us to sail through the year in the hardships, we need to maintain a dedicated and committed workforce now. We believe recognizing our employees is also part of motivating them, just to make sure that they push with us, they go with us,” said Mafuli. 

He added that even though the company sailed through troubled waters in the year 2024 due to other internal and external factors like Forex and fuel shortages, it was crucial to recognise the employees’ efforts to keep the company afloat. 

“The year 2024, has been a mix bag in our operations because we have faced challenges, but on the other hand we have managed to sail through. These successes, just to begin with, is to say that we’ve managed to at least do some projects that we have managed to do within the year,” added Mafuli. 

One of the longest serving employees at 30 years, Jean N’thini commended Castel Malawi for the recognition. 

“This has been my home for the past 30 years. I believe this is not a small achievement and to be honoured by the company is something that I cherish. I thank Management for such events. To my colleagues, I urge them to work hard on their respective departments because one day we will also be celebrating them,” she said. 

N’thini got 30 IBR iron sheets.

Honouring long serving employees at Castel Malawi has now turned into annual event.

Sponsors Castel Malawi Limited and Football Association of Malawi (FAM) have expressed excitement over the improved level of competition in this year’s Castel Challenge Cup. 

This season’s competition wrapped up on Saturday with Blantyre-based Mighty Mukuru Wanderers defeating Mzuzu City Hammers 1-0 to clinch the highest football cup on the land. 

The victory not only earned Wanderers the coveted Castel Trophy, but also a cash prize of K55 million, marking a celebratory moment for the team and its fans.

Lavern Chitakata, Head of Corporate Marketing and Communications for Castel Malawi Limited, expressed satisfaction with the event’s success and fans’ peaceful conduct.

“We are thrilled by the turnout and the vibrant energy at the stadium. Seeing supporters of both teams turn out in large numbers to witness the thrilling encounter was exciting. The match was thrilling, and managing the tournament with so many participating teams has been rewarding,” said Chatakata.

Chitakata also hinted at an even more promising future for the Castel Challenge Cup.

“We are proud to have raised the bar in Malawian football and are excited to announce that next year’s package will be even more exciting for football lovers. We encourage everyone to stay tuned. As Castel, we are happy to announce our commitment to a K1 billion sponsorship for the next season.”

“This partnership is a testament to our commitment to supporting sports development. Football has the power to inspire and unite, and we are proud to play a role in nurturing its growth in Malawi,” said Chitakata.

Football Association of Malawi (FAM) President Fleetwood Haiya praised the quality of the competition and the partnership with Castel Malawi.

“This season has been exceptional, showcasing talented players and skilled coaches. We are grateful to Castel Malawi for their continued trust and support. This partnership goes beyond monetary support because it is about creating opportunities, fostering talent, and building a legacy for the sport in Malawi,” Haiya remarked.

Speaking after the match, goal scorer Thierry Tanjong Sama expressed his joy and pride in contributing to his team’s victory.

“This is a dream come true for me. Coming off the bench and being able to make such an impact in a game of this magnitude is something every player dreams of. It wasn’t just my goal; it was a team effort. We worked hard throughout the tournament, and I am proud of how we came together as a team,” said Sama.

Despite their loss, Mzuzu City Hammers walked away with a K25 million prize as runners-up.

FCB Nyasa Big Bullets FC and Panthers FC, who reached the semi-finals, each received K12 million for their commendable performances.

The Castel Challenge Cup has become a cornerstone of Malawian football, fostering competition and talent development.

The 2024 edition not only captivated fans but also highlighted the growth of the sport in the country, with the promise of even greater opportunities in the years to come.

Excitement is building up as Castel Malawi Limited has set the mood for the final showdown in the Castel Cup between Mighty Mukuru Wanderers and Mzuzu City Hammers at Bingu Stadium (BNS) in Lilongwe on Saturday. 

The two sides had an exciting journey to reach the finals and were probably not the favourites for the encounter considering their super league tracks this season.

However, Mzuzu City Hammers pulled a surprise last weekend as they edged defending champions, FCB Nyasa Big Bullets 4-1 through post-match penalties after a goalless encounter in the regulation time. 

This could be Wanderers’ chance for a consolation to its supporters having failed to secure one in the TNM Super League, Airtel Top 8, and FDH Cup this season. 

Ahead of the final showdown, Castel Malawi Head of Corporate Marketing and Communications, Lavern Chitakata said they are excited with this year’s competition as it also pulled a lot of surprise guests like Panthers from the Central Region Football League which booted out four super league sides, including league champions, Silver Strikers. 

“We had increased the funds this year to K400 million because we saw a few gaps in the officiation especially from district and regional levels. We must say we have seen a great improvement which made a lot of teams participate, a lot of transparency which gave teams the comfortability to freely take part.” 

“We are happy that most games also utilized the local stadiums like Mangochi, Balaka, Dedza, Karonga, which gave us a chance to engage more people, with even the elite teams. Motivating the young ones in the rural areas,” she said. 

Chitakata further indicated that the impressive performance by regional teams speaks volumes of Castel’s commitment to unearthing talent in the country. 

“We had teams like Hilltop for the regional games. They made it to round of 16, teams like Panthers that just joined and played in quarter finals, MMF Marine playing Bullets. For us it shows the seriousness in the country.”

“Our aim was to unearth talent and elevate the football in Malawi. The two finalists, that was so unexpected, it shows you the level of football is going way up and the fight for better is getting stronger,” she added. 

Going forward, Chitakata said Castel wants to have more teams register in the cup next year and intends to increase the number of district grounds.

Mzuzu City Hammers patron, Gift Mkandawire said fans should expect another surprise performance from the side. 

“We are all set to show the Nomads that we are the new giants in town,” he said.

Wanderers Chief Executive Officer (CEO) Panganeni Ndovi affirmed their intentions to win the Cup for the season.

“It’s our chance to win something this season. We will not relent,” he said. 

Meanwhile, the final showdown is spiced by shows which started on Thursday at lower Biwi and Area 25 Nsungwi. 

On the match day, patrons will be entertained with music from Fada Moti and Piksy at the match venue apart from the give-away prizes. 

Three former Press Corporation Limited (PCL) top executives have filed a K33 billion compensation for unfair dismissal and unlawful labour practices by the conglomerate.

The three are former company secretary Bernard Ndau as first claimant, former group financial controller Elizabeth Mafeni as second applicant and former group chief executive officer George Partridge as third applicant.

In submissions their lawyer John Suzi Banda filed in the Industrial Relations Court (IRC), the trio stated: “We humbly pray that the applicants be granted the following; for first applicant K6 326 535 667, for second applicant K19 459 545 347 and for third applicant K7 479 922 192.”

Court documents show that upon her dismissal in December 2021, Mafeni received K481 million, Partridge took home K452 million and Ndau was paid K179 million as terminal dues.

During assessment proceedings yesterday presided over by IRC deputy chairperson Tamanda Nyimba, PCL lawyer Patrick Mpaka asked Partridge and Mafeni, who were present in court, why they felt they deserved the claimed compensation having already been paid by their former employer.

In an interview after adjournment, Mpaka said Partridge and Mafeni had given the clarification they wanted, as such they would not cross-examine Ndau, a lawyer by who was not present in court.

Suzi Banda, in a separate interview, said that the respective compensations that the applicants are claiming have taken into consideration their remuneration and length of service as well as the inflation rate between December 2021 and December 2024.

Meanwhile, Nyimba has adjourned the case to January 10 2025 when Suzi Banda will re-examine his clients.

The three applicants dragged PCL to court after they were
dismissed in December 2021 following a functional review initiated by the PCL board and conducted by a consultant.

In his ruling on October 22 2024, Nyimba found that while consultations were supposed to be done during the functional review, the applicants were not consulted and were not offered options for lower salaries or redeployment to lower positions.

PCL is the largest conglomerate in Malawi and has interests in banking, telecommunications, energy, real estate and hospitality.

The Malawi Gaming and Lotteries Authority (MAGLA), in collaboration with Bwaila Media Club (BMC), on Friday conducted a media training aimed at bridging the information gap on responsible gambling, at The Forty-Four Hotel in Lilongwe’s Area 44.

The event attracted 40 journalists from the Central Region to enhance their understanding of the gambling sector and promote responsible gambling.

Speaking at the training, MAGLA’s Director of Operations, Lawrence Chikoko, emphasized the critical role of the media in raising awareness about responsible gambling.

“Media is the fourth estate, as it is commonly known. Whatever we are doing, we are not doing it in the darkness, it is for the public to know. Involving the media is the best way to disseminate what we are doing,” said Chikoko.

He highlighted the growth potential of the gambling industry, particularly in low and middle-income countries like Malawi, citing a World Health Organization (WHO) report that associates this growth with increasing smartphone usage.

However, Chikoko stressed the importance of educating the public about the recreational nature of gambling.

“We need awareness that gaming is leisure. We’ve noticed that especially among the youth, due to unemployment and lack of activities, they spend too much time gambling. Everyone should know there are limits to how much one can gamble.”

“We started an awareness campaign in the southern region, moved to the eastern region, and now we are in the central region. These campaigns focus on the dangers of excessive gambling, underage gambling, and the availability of help for those with gambling addictions. We are in partnership with St John of God HospitallerServices which provides treatment for individuals struggling with gambling addiction,” said Chikoko

Bwaila Media Club Vice Chairperson Cathy Maulidi expressed gratitude to MAGLA for organizing the training, noting that it has bridged significant information gaps in the sector.

“This training has provided an opportunity for us to learn about the legal framework guiding gambling in Malawi. Many of us did not know that there are mechanisms to control gambling, such as self-exclusion tools. Now, we are equipped with knowledge to share with our communities and report violations like underage gambling,” said Maulidi.

She acknowledged the importance of the training in empowering journalists to educate the public and hold stakeholders accountable.

“We have been seeing children accessing betting shops, which we now understand is illegal. Moving forward, we will report such incidents to ensure adherence to the law,” added Maulidi.

The training underscored MAGLA’s commitment to fostering a safe and regulated gambling environment while partnering with the media to amplify responsible gambling messages across Malawi.

National Bank of Malawi (NBM) plc has proposed introduction of technical lessons in the country’s school curriculum from early classes to enable the country have a good technical base and technical-minded people who will drive the country’s development.

Head of Digital Financial Services at NBM plc, William Kaunda, made the suggestion on Thursday when he handed over the fourth Community Based Care Centre (CBCC) called Kapandajuba, which the Bank, in partnership with Yamba Malawi has constructed at Ekwendeni in Mzimba. 

Kaunda said the Bank values the importance of preparing kids while still young, and that is why they invested over K170 million in the construction of the four CBCCs in Mangochi, Lilongwe, and Mzimba. 

“You see, they cannot only be learning things that they memorize but they also need to gain technical skills. So, as young as they are, we need to start giving them things they can screw and unscrew. In doing so, they can take a screwdriver and fix things they find loose at home.”

“They should not wait until they finish form four to go into technical schools and start getting these skills. As a country, let us start at the beginning and this is the beginning from which we need to start,” he said. 

Chief Programs Officer at Yamba Malawi, Carol Kulemeka commended NBM plc for the investment.

“We have a very big problem with early childhood development. Most children learn in shacks which are not even safe for them. These will create a good environment for learning as the kids prepare for standard one and other classes,” she said. 

Goodwill Kalimanjira from Mzimba District Social Welfare also hailed NBM plc for funding the project. 

“Most of the structures are pathetic and this is a commendable thing. We are very grateful and we believe this is the beginning of many good things to come, we know they will come back and construct more based on the needs. To the community, our word of encouragement to the community is to take care of the structure,” he said. 

Sub-Traditional Authority Yohane Jere also asked his subjects to collaborate in taking care of the facility. 

Mzuzu, Malawi – The highly respected man of God, Apostle Dr. Mchellings Nyirongo of Christ Fellowship Church for All Nations (CFCAN), invites you to a life-changing Bible school, with the topic “Wearing the Garments of the Lord”, from December 26 to 31, 2024, at the Grand Palace Hotel in Mzuzu.

This five-day Bible school promises to be a spiritual awakening experience, with Apostle Nyirongo delving into the scriptures from Luke 24:49 and John 19:23-24. Attendees can expect to receive profound teachings, training, and impartation of the Holy Ghost.

Christ College of the Holy Ghost, in partnership with CFCAN, offers a unique opportunity for spiritual growth and development. The college’s mission is to teach, train, and learn the Holy Ghost, with the motto “Training, Teaching, and Learning the Holy Ghost for Success and Prosperity in Life.”

According to Apostle Nyirongo, “By the end of this course, everyone will begin walking and living in the Holy Ghost. Trainees shall have the spirit of excellence and shall never fail in life” (Mark 7:37, Daniel 6:3).

Apostle Nyirongo emphasizes that “without the Holy Ghost, men and women of God are just theologians,” and that “Christians without the Holy Ghost will be frustrated and end up blaming God as a failure to His promises.”

He stresses the importance of receiving the Holy Ghost, stating that “the Holy Ghost is the power that all people need to survive and succeed in life.” He illustrates this point by saying, “any good car can’t start or run without a good battery, so is the life of a Christian with the Holy Ghost.”

This training is open to all men and women of God from all churches, and Apostle Nyirongo assures that it will equip participants with all they need to develop and increase their ministries, making them effective and efficient life-changers in their societies and communities.

Apostle Nyirongo notes that with the Holy Ghost and His gifts, many people will be protected from unsuspecting individuals who operate in occults and spirits of anti-Christ, masquerading as holy men and women.

Men and women of God from South Africa, Zambia, Zimbabwe, Tanzania, and many others have already registered for this life-changing event.

Don’t miss this opportunity to deepen your understanding of the Word and receive spiritual empowerment. Join Apostle Dr. Nyirongo and Christ Fellowship Church for All Nations in Mzuzu this December.

To register or learn more about the Bible school and Christ College of the Holy Ghost, interested individuals can call or WhatsApp +265 997 341371. The church is located behind Kawiruwiru House, opposite MACRO in Mzuzu.

Apostle Nyirongo is a highly respected man of God, renowned for his powerful preaching and prophetic ministry. He has been ordained by the Holy Spirit to preach the Gospel to all mankind, bringing hope, healing, and deliverance to countless lives.

As a seasoned preacher, Apostle Nyirongo has traveled extensively, ministering in various churches, conferences, and crusades. His messages are characterized by their depth, clarity, and anointing, leaving a lasting impact on his audiences.

Through his ministry, Apostle Nyirongo has demonstrated a strong commitment to equipping believers with the Word of God, empowering them to live victorious lives and fulfill their divine purposes. His Bible school in Mzuzu promises to be a life-changing experience, and all are invited to attend.