FDH upbeat amid economic volatility
Malawi Stock Exchange listed FDH Bank has expressed optimism for continued growth of its business amid the challenges facing the economy.
This was said at the bank’s Annual General Meeting (AGM) in Blantyre on Thursday.
It comes as the financial institution reported a 97 percent growth in its profit after tax for the year ended December 31 2022 to K22.932 billion from K11.658 billion in 2021.
The bank has since said it has registered substantial progress in its process of rolling out an Islamic banking window.
Addressing delegates at the AGM, FDH Bank board Chairperson Charity Mseka said the option to open the new banking window is in response to demand for the service in the country.
“That aspiration still stands and it is just a question of time. Of course, there are a lot of things that need to be looked into but as of now, it is work in progress.
“We will be the first movers on the market and we pride ourselves in being the pioneers in terms of developing solutions,” Mseka said.
Islamic banking is anchored on two fundamental principles of sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
During the AGM, shareholders hailed the bank for what they rated as positive out-turn and continued resilience.
Meanwhile, the banks says outlook for 2023 and beyond remains mixed 2023 due to effects of the Russia-Ukraine war on the global supply chain and other crises including harsh weather conditions.
But it says its focus remains on growth amid the challenges.
“The bank continues to implement the strategic objectives running to 2024, leveraging on our market position, widest distribution network, effective digital platform, brand equity, and strong financial performance,” says the bank in its financial statement.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.