FDH Bank posts K15bn first half profit

FDH Bank Plc has recorded a K15 billion profit in six months ending 30 June 2023.

Published financial results show a net profit jump of more than 70 percent from K8.7 billion to K15 billion from January to June 2023.

Co-signed by board chairperson Charity Mseka and managing director Noel Mkulichi, the results also show a significant increase of non-interest income.

“Non-interest income increased by 50 percent mainly as a result of the growth in international trade, trade finance and digital revenue. Operating expenses grew by 32 percent as a result of the high inflation rate and continued depreciation of the Malawi Kwacha,” reads part of the financial statements.

The statements added that; “the 25.8 percent devaluation of the Kwacha had its full impact in 2023 on account of annual renewals of foreign contracts and other related support services.”

Total assets increased by 33percent from June 2022 mainly emanating from the increase of 67 percent in Government Securities.

Meanwhile, the board of directors approved a first interim dividend of K9 billion in respect of 2023 profits.

Looking ahead, the Malawi stock Exchange listed bank is targeting refining customer experience and operating efficiency through improving and broadening product offerings to offset harsh operating environment.