FDH Bank profits up 59%
FDH Bank said this week its profit-after-tax jumped to K234.53 million (about $1.4m) in 2011, representing a 59 percent increase over 2010.
“Despite the impact of the current economic challenges such as limited availability of fuel and foreign currency facing the country and the industry, our end of year unaudited performance reflects similar trend of improved performance in comparison to the previous years,” said Violet Mangani, the bank’s marketing manager.
She said FDH Bank will strive to sustain the high earnings trend in 2012 through the introduction of mobile and Internet banking as well as expansion to new outlets, among other things.
Mangani said the bank believes in continuous improvement and innovation.
Among other innovations, the bank introduced various banking products in 2011, including First Save Account which targets the lower end of the market, complimenting the Reserve Bank of Malawi (RBM) initiative on financial inclusion for the unbanked.
The Goal Save Account was later introduced to promote a saving culture among its customers while at the same time rewarding the investments with interest rates that are as high as 8.4 percent.
The Goal Save Account was specifically designed to help customers accumulate savings for specific goals or events while benefiting from high interest rates.
FDH Bank also invested substantial resources in the system upgrade on their core banking system, T24 from Release 7 to 10.
T24 is one of the world’s most robust and leading banking systems.
The system has enabled FDH Bank achieve seamless integration with their ATM network, enabling customers to access banking services outside normal banking hours.
“One of our biggest achievements in 2011 is that we have successfully implemented the system upgrade within project implementation timeframe and with minimal disruption to service delivery to our customers,” said Mangani
She added that the bank understands that one of the biggest challenges on the market is the limited access to banking services.
In this regard, she said, FDH Bank will continue with its extensive campaign to expand delivery channels for the benefit of its existing and prospective customers.
