By Chisomo Phiri
A composite financial services Group
NICO Holdings plc on Thursday announced that after tax it has made a profit of K37.57 billion for the year 2022, representing a 105 percent increase year-on-year.
Reading the annual report during the Group’s 53rd annual General meeting at Mount Soche in Blantyre, the Group’s Managing Director, Vizenge Kumwenda, said the outstanding performance stemmed from growth of customer deposits in the banking business which supported an increase in loans among other factors.
Kumwenda added that the total assets of the Group closed at K1.15 trillion up from K939 billion in 2021.
Meanwhile, several country’s economic experts have applauded NICO for such an impressive performance.
NICO was established as a short-term insurance company in 1971 and has since grown to a composite financial services Group operating in Malawi and Zambia, with presence in Mozambique and Uganda through its associate company, Sanlam.
As the biggest financial services Group in terms of diversity of products and services offered by its companies, NICO provides comprehensive financial solutions for a range of challenges for the public and private sector as well as individuals from all walks of life.
The business includes solutions in general insurance, life insurance, pension administration, banking, asset management, corporate finance, property solutions and information technology.
NICO was the first company to be listed on the Malawi Stock Exchange in 1996, and has since listed two of its subsidiaries on the stock market – NBS Bank Plc listed in 2007 and ICON Properties Plc listed in 2019.
