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Mybucks posts K1.3 billion first half profit

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Mybucks Banking Corporation has registered a 77 percent growth in its loan book to K21 billion in the six month period ending June 30 from K12 billion registered in the same period last year.

The bank has also registered a 55 percent rise in its profit-before-tax to K1.3 billion from K811 million recorded during same time last year.

This is according to a summary of unaudited interim results for the period signed by Chairperson, Francis Pelekamoyo, Director Morgan Tembo, Chief Executive Officer Zandile Shaba and Chief Financial Officer, Thomson Kumwenda.

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“The group registered an asset growth of 23 percent to K59 billion from K48 billion in June 2018 and customer deposits which grew by 11 percent year-on-year.

“Medium term borrowing grew by 111 percent on account of fresh subscriptions to the notes programme. On account of growth in the asset base, total interest income for the first half was 59 percent higher compared to last year whereas credit impairments contained and registered 66 percent lower than last year,” the statement reads.

The bank projected the trend to continue, owing to stability seen in macroeconomic fundamentals and unveiled plans to enhance digital banking channels to reduce costs.

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MyBucks Banking Corporation rebranded early this year from being known as New Finance Bank after MyBucks acquisition of 100 percent shares in the bank. It was sailing through troubled waters in recent years.

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