FDH Bank makes K6 bn profit, customers hits 1.2 million
FDH Bank has registered a whopping 1.2 million customers, arguably the biggest number of customers registered by any bank in Malawi, in its financial inclusion drive.
FDH Bank Head of Marketing and Communications Levie Nkunika said in an interview with Nyasa Times that as a locally bred and grown bank, no bank in Malawi is closer to the people than FDH Bank hence getting greater customer insights and leading to developing relevant customer centered financial solutions.
“We want to register our huge vote of thanks to our customers for choosing FDH Bank. We are the only bank with the widest network of 54 service centres in Malawi and boost of an extensive and most reliable and most used ATM network.”
“Our ATMs have the most uptime in Malawi and hence over 67% of all ATM transactions happen on FDH ATMs. This does not happen by chance but through a careful planning and execution to serve our customers better,” said Nkunika.
He also said FDH Bank has a customer-centred innovation culture.
“We always think of our customers be it in rural areas or in the city. We always think solutions. We always think innovation. And we always think how do we make the growth of our customers possible,” explained Nkunika.
He said the bank embarked on a financial inclusion drive in the past few years that hinges mainly on digital innovations that provide first class solutions to customers especially the Ufulu Digital Account, a virtual mobile account that a customer opens themselves on their mobile phone.
Meanwhile, the bank announced its financial results for the year ending 31st December 2018 where it has posted a profit after tax of K5.96 billion, compared to a loss after tax of K 1 billion reported in 2017.
According to the financial statement signed by the Bank’s Board Chairman Arthur Oginga and Managing Director Eric Quottara the total income for the bank grew by 37% from K21.3 billion to K29.1 billion.
“The Bank continued to invest in digital products and other distribution channels as the focus is to improve customer experience as well as diversifying sources of non-interest income,” reads the statement in part.
The bank also said on 27th February, 2018, its board approved the disposal of investment in MSB Properties Holdings Limited which owns MSB Properties Limited, to FDH Money Bureau Limited.
“This was part of the Bank’s reorganization to optimize the bank’s capital structure. The reorganization was effective from 1 March 2018,” reads part of the statement.
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Stealers are just too many in Malawi. Which economy to make such profits?
Cannot believe I went to University (Chanco) with chaps that will end up stealing from society (Bankers). I feel sad for you Levie
I feel sorry when banks cerebrate that they had made huge profits from exorbitant interests rates on loans and low interests on deposits. The profits include assets that were confiscated from those who failed to service the high interest loans. This is morally wrong, How come banks can make profits when more and more Malawians are sliding poverty traps? I would feel better off not to know how the bank ripped off its customers
That’s the way banks operates bru. Even here in SA a home loan is 21 year repayment. You default on the 20th year they will come and reposes without considering how many years you have paid. That’s the way capitalist makes their wealth.
Yes ma bank ku Malawi kunera poor Malawians basi.its the only profitable business in Malawi.u make 6 billion kwacha and ur happy and flount it at the expense ofnpoor malawt.look at ma interest amene mumapereka koma tikabwera to borrow u charge huge interests.reserve banknof malaw too thyre useless thyre not protecting malawians.
WELL DONE MR ERIC QUOTTARA AND WILLIAM MPINGANJIRA!!!!! YOU ARE TRUELY GOOD BANKERS. WE NEED MORE PEOPLE LIKE YOU IN MALAWI!!
Massive perfomance, THOM Mpinganjira has really benefited from Malawi political looting, we will trim this after May 2019 and bring back what belongs to Malawians, FDH used to be a briefcase Bank, but thanks to GOODAL, PETER MUTHARIKA, MULLI for helping these criminals become billionare just over night after selling MSB, we we never forget!!!