Malawi Stock Exchange (MSE)-listed FDH Bank plc has hit the K2.1 trillion market capitalisation mark, a trajectory it has touted as a pointer towards sustainable growth.
The bank becomes the second most valuable counter on the local bourse after National Bank of Malawi plc.
Within days, the bank’s market value grew from 1.9 trillion, partly on the back of a cautionary statement of its intent to acquire controlling stake in an unnamed bank outside Malawi.
Within five years since its listing on MSE, the bank’s market capital base has jumped offer (IPO) of K60 billion. FDH Bank’s share price grew from K274.52 on Friday to K313.19 as at the beginning of this week. The price jumped from K10 offered during the IPO.
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In an interview on Tuesday, FDH Bank Managing Director Noel Mkulichi rated the milestone as ideal for systematic market positioning of the bank.
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“This entails the trust that the customers have in the bank as well as the agility and the sustained growth that FDH Bank is going through,” he said.
Mkulichi attributed the performance to successful implementation of strategic pillars which include customer focus, operations efficiency, people development and continuous innovation.
According to Mkulichi, as part of its expansion drive, the bank has made headways in strides towards acquiring majority shareholding in one of banks within Africa which would give the bank a competitive edge.
“We thought we needed to find ourselves within the region and that is why we need to expand our footprint within the southern African region,” he said.
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Meanwhile, Mkulichi said amid challenges characterising the economy, the bank is poised to maintain its growth trajectory.
