Ecobank Malawi has posted a profit after-tax-of K14.3 billion in the six-month period ended June 2023, a published financial statement shows.
This represents a 78.8 percent increase in the profit from K8 billion the bank realised during the same time last year.
However, the profit is 21 percent lower than the K18.2 billion the bank cumulatively made in 2022.
In the statement, the bank says performance during the first half underscores its resilience, founded on leadership in trade finance, the digitalisation of services, operational efficiency and unwavering dedication to delivering excellent customer experience.
But it says the business operating environment was challenging as the economy continued to grapple with a diverse range of downward risks, both local and global in nature.
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“The key headwind was the continued shortage of foreign exchange which exerted pressure on foreign reserves leading to depreciation of the Kwacha against the US dollar, and fuel supply disruptions.
“The economy faced other downside risks, notably rising inflation, insufficient power supply, increasing public debt, adverse weather shocks, and disruptions in the global supply chains driven by the Russia-Ukraine war. Despite all these business and economic challenges, the bank demonstrated resilience and delivered notable results,” the statement reads.
Ecobank board chairman Symon Msefula said, in the remaining half of the year and beyond, the bank commits to remain resolute to accelerate customers’ adoption of innovative digital solutions.
“We want to make these solutions accessible to every Malawian, enhancing convenience for our customers, through both existing product refinement and introduction of innovative offerings.
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“Our leadership role in trade finance, specifically in strategic sectors of the economy and the African continent, will persist with support from our global partnerships, leveraging the group platform,” Msefula said.
