FDH Bank, which is on a path to list on the 15-counter Malawi Stock Exchange (MSE) this year, has posted a K3.22 billion after-tax profit in the half year ended June 30 2020.
This is a drop from K3.35 billion achieved during the same period last year, according to summarised audited financial statements by managing director Elias Ngalande.
He said the bank, which is a subsidiary of FDH Financial Holdings Limited, “continues to more focus on effective cost management.”
Reads the statement in part: “Notwithstanding the growth in deposit, enhanced balance sheets, management has seen the bank’s cost of funding going down.”
FDH Bank is expected to list on the Malawi Stock Exchange by August 3 this year to fulfill one of the conditions set when FDH Financial Holdings acquired Malawi Savings Bank (MSB)in 2015 .
Meanwhile, FDH Bank is offering 1.38 billion shares at K10 per share through an initial public offer (IPO) to allow the public to own 20 percent stake in the bank.
The offer will remain open until Friday this week.Follow and Subscribe Nyasa TV :