The Malawi All Share Index inched up 50bps during the quarter to close at 32,562.96 influenced by banking stocks which rallied on stellar results while the rest of the counters retreated weighing down the increase in the index. Malawi banks seem to have defied the general downward trend in earnings brought about by the effects of Covid-19. In general net interest margins seem to be the drivers of revenue across the board – only reducing marginally suggesting that there was little adjustment in existing loan facilities in response to the pandemic. The banks are not the most popular lot in the court of public opinion as a result.