By Serah Chilora:
Malawi Stock Exchange (MSE)-listed FDH Bank plc has projected its post-tax profit for the year ended December 31, 2023, to range between K34 billion and K35.5 billion.
This represents an increase of between 48 percent and 55 percent from the previous corresponding period, when the bank posted an after-tax-profit of K22.93 billion.
The projection is also higher than the earlier projection of between K29.1 billion and K30 billion made in December 2023.
FDH Bank announced the projection in a statement issued yesterday in line with MSE listing requirement that counters publish trading statements “as soon as there is a 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”.
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In the statement, the bank says the information the statement is based has not been reviewed and reported on by its external auditors.
“The summary consolidated and separate financial statements of the bank for the year ended December 2023 are expected to be published within the required period,” reads the statement signed by FDH Bank Company Secretary Juliano Kanyongolo.
For the first half-period ended June 30 2023, the bank recorded a K15 billion profit-after-tax according to a summary of published consolidated and separate financial results.
It represents a 72 percent jump from K8.7 billion reported during a similar period in 2022.
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During the period under review, the bank’s net interest income increased by 70 percent on the back of the increase in other interest-bearing assets and reduced interest expenses.
The bank saw non-interest income increasing by 50 percent as a result of the growth in international trade, trade finance and digital revenue.
The bank affirmed its commitment to continue operating in line with strategic objectives which are focusing on providing first class customer-centric financial solutions while leveraging on effective and reliable digital platforms, widest distribution network and strong financial performance.
At the time, the bank projected that the Kwacha-to-dollar exchange rate pressure would continue in the second half of the year.
