FDH Bank assures of continued growth
FDH Bank plc chairperson Charity Mseka says the listed bank is moving step-by-step in terms of growing its profits and that it is unstoppable.
In the year ended December 31 2022, the Malawi Stock Exchange-listed bank posted a 97 percent rise in after-tax profit to K22.9 billion from K11.6 billion buoyed by the increase in interest and non-interest income as well as digital revenue.
Mseka told the FDH Bank plc 16th Annual General Meeting in Blantyre yesterday that the bank will continue to grow its profit to great heights despite operating in a challenging economic environment.
She also expressed delight with the jump in the bank’s share price to K45 each this year from K14 during the same period last year.
“We are moving step-by-step and there are so many factors that enabled us to achieve the profit we achieved, but it is possible to grow even more,” she said in response to a question from one of the shareholders.
Mseka also said the aspiration of the bank to spread its footprint in the region is work in progress, adding that it is just a matter of time.
She assured the shareholders and the customers that their money is safe and that they are not “turning a blind” to the emerging risks in the global banking crisis.
On his part, FDH Bank plc managing director Noel Mkulichi said they are following the developments on the global banking industry as they deal with a variety of corresponding banks.
“We are constantly monitoring the situation,” he said.
During the year under review, the bank’s net interest income grew by 47 percent from K25.4 billion to K37.3 billion on the back of the increase in interest bearing assets.
