FDH bank profits up by 32%

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By Florence Mwale

FDH Bank has registered a 32 percent profit increase after tax.

According to a statement released by the bank’s management, profits amounting MK7.8 billion were registered in the year ended 31 December 2019, up from K6 billion in the year 2018.

The bank is largely attributing this to the growth to the policy rate change from 18 percent in 2018 to around 12.5 percent in 2019.

Customer deposits grew by 22 percent MK112.5 billion to MK137.1 billion.

It further indicates that the bank’s basic earnings per share rose from 1,289 tambala in 2018 to 1,696 tambala in 2019,

Meanwhile, the FDH Bank is currently preparing to list on the Malawi Stock Exchange later this year.

The bank's Chief Executive Officer Thomson Mpinganjira recently stepped down after being implicated in the attempted bribe of judges who were hearing to presidential elections case at the Constitutional Court in Lilongwe.

 

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