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MyBucks profit grows by 79%

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MyBucks Banking Corporation posted a 79 percent growth in profit after tax to K1.46 billion in the year ending December 31 2019 from K0.85 billion recorded during the preceding year.

This is according to a published financial statement co-signed by the bank’s board Chairperson, Francis Pelekamoyo and Chief Executive Officer, Zandile Shaba.

The bank attributes the growth in profit to an increase in income year on year among other reasons.

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“This was on account of a 40 percent increase in interest income year on year and a significant improvement in credit risk management that resulted in 66 percent reduction in impairments,” reads the statement in part.

The bank, however, registered a 47 percent growth in operating costs as it embarked on supporting its growth strategy and acquisitions.

However, the cost of income ratio was 41 percent below the industry average of 60 percent.

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The bank says it will focus on diversifying its revenue base and will continue to focus on cost management.

Last year, the bank acquired 100 percent stakes in Nedbank Malawi and necessary acquisitions and transferring of accounts were completed earlier this year.

The statement adds that the bank has assessed possible shocks of Covid-19 and has shown that they will survive the hardships even in the hardly hit scenario.

“The group has shown resilience to all shocks and this provides confidence to the investing community in the group’s ability to continue as a going concern and to serve its various stakeholders in the economy.”

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