FDH Bank sees annual profit rising to K35bn

FDH Bank plc says it expects its profit after-tax for the year ended December 31 2023 to be between K34 billion and K35 billion.

This is an increase of between 48 percent and 55 percent over the corresponding period during the previous financial year, according to a revised statement for the period ended December 31 2023.

The expected profit will increase from K22.9 billion achieved during the year ended December 31 2022, the Malawi Stock Exchange-listed bank said.

In a statement published on Wednesday, FDH Bank company secretary Juliano Kanyongolo said the “information on which the trading statement is based has not been reviewed and reported on by the external auditors of FDH Bank plc”.

In an earlier trading statement published on December 11 2023, the bank said its profit after-tax was expected “to close within the range of K29.1 billion to K30 billion.”

The information the bank has provided is in line with listing requirements of MSE, requiring a listed company to publish a trading statement as soon as there is “reasonable degree of certainty that the financial statements for the period to be reported upon will differ by at least 20 percent from that of the previous corresponding period”.

FDH Bank is one of the four banks listed on the 16-counter MSE.