CDH Investment Bank posts K11.140 billion profit after tax in 2023

One of the country’s leading banks, CDH Investment Bank says it has posted a remarkable record of K11.140 billion profit after tax in the financial year of 2023 which is  representing a 48 percent jump in profit when compared to the K7.53 billion which the bank reported in 2022.

According to a latest published summary of audited results, the bank has among other things managed to register 42 percent customer deposits growth in the year while the loans and advances have managed to grow by 34 percent respectively.

The financial summary which was endorsed by the CHDIB’s board officials has also disclosed that the bank’s Investment funds and financial assets have reached 42 and 40 percent whereas net interest and net trading income grew by 39 and 35 percent.

CDHIB Chief Executive Officer and Managing Director, Thoko Mkavea described the bank’s success as a result of its commitment in providing smooth and unique services to the clients as well as the good working relationship which is there between the bank and all the shareholders who plays a big part in as far as providing feedback to the performance of the bank is concerned.

“We are proud for the results we have posted in the just ended year.  These achievements have been recorded because of the innovative financial services which are making our stakeholders to trust us.

“As CDHIB we promise to continue implementing the strategic objectives which focuses on people development, customer centricity and sustainable performance in it’s core revenue areas, while leveraging on its unique service proposition, corporate financial advisory and investment banking, investments in effective digital platforms and brand equity,” said Mkavea.

He however, described weather conditions and highly uncertain global economic and geopolitical environment, inflation, continued forex currency shortages just to mention a few as some major notable challenges affecting the market but he further expressed optimism of further growth in both the investment banking and commercial banking activities, albeit, in a challenging business environment.

In addition, there was also a 76 percent increase in non-interest revenue from K6.6 billion to K11.6 billion.

Overall net revenue grew by 50 percent during the period under review.

The bank’s total assets grew by 42 percent from K219 billion to K311 billion respectively.