National Bank of Malawi, plc has recorded a 73 percent increase in profit after tax of K22.1 billion in the first half ending June 2022.

This is up from the K12.8 billion realised in the same period in 2021.

The bank said its net interest income grew by 48 percent, customer deposits were up 34 percent plus a 31 percent rise in its loan book.

National Bank has since declared it will pay out an interim dividend of K17.14 per share totaling to K8.5 billion from K10.71 per share which was K5 billion in 2021.

Macfussy Kawawa, Chief Executive Officer for National bank looking ahead in the second quarter said the operating environment will be challenging.

Kawawa cited pressure on inflation which is expected to continue.

"Largely driven by the spill over effects of the rising international commodity prices, foreign exchange pressures emanating from the imbalance in the demand and supply, as well as effects of increases in domestic fuel and maize prices.

"On the foreign exchange front, pressures emanating from demand/ supply imbalances persisted despite the devaluation of the Malawi Kwacha by 25%, as the country pursued the securing of an approval for an ECF program with the IMF which is yet to be granted."

The bank has since said despite the challenging environment it expects to grow strong in the second half of the year.