Malawi Stock Exchange-listed FDH Bank has recorded a K15 billion profit-after-tax for the six-month period ended June 30 2023, a summary of consolidated and separate financial results published by the bank has shown.
This represents a 72 percent jump in profit from K8.7 billion reported during a similar period in 2022.
However, it is 34.5 percent shy of the K22.9 billion the bank posted at the end of 2022.
In the statement, the bank says its 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.
On outlook, FDH Bank Board Chairperson Charity Mseka said the bank anticipates the Kwacha to dollar exchange rate pressure to continue in the second half of the year.
FDH Bank Managing Director Noel Mkulichi said the bank is continuously engaging with its customers and other stakeholders to continue meeting their respective needs.
“The bank remains committed to creating value to our customers, shareholders, and other stakeholders by focusing on growing revenue and market share, reducing operating costs for sustainable performance and profitability, creating highly engaged employees and contributing significantly to the creation of an inclusive, diverse and sustainable society,” Mkulichi said.
He said this is being delivered through the bank’s 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.