MyBucks Bank profit grows by 130% in 2019-2020 financial year

MyBucks Banking Corporation has recorded a profit after tax of MK1.8 billion in the first six months period ended on 30th June, 2020 compared to MK817 million same period in June, 2019.

This represents a 130% growth in profit after tax, according to a published financial statement co-signed by the banks Board chairperson Francis Pelekamoyo; Board Director Morgan Tembo; Managing Director Zandila Shaba and Chief Finance Officer Thomson Kumwenda.

The financials say the main driver of growth has been the loan book which grew by 3% at MK34 billion from MK21 billion same period of June, 2019 recording a 98% year on year growth in deposits from customers.

The statement says the bank registered an 84% growth in operating costs after a strategic acquisition of Nedbank Malawi, combined business rationalization costs and expansion of the points of representation of the MyBucks brand across the country.

In their 2020 outlook as a group, MyBucks remains upbeat and committed to offer consistent and relevant customer experience.

MyBucks Malawi is a fully-fledged bank that is part of MyBucks South Africa, whose head office is in Luxembourg and listed on the Frankfurt stock exchange, a Fin Tech Company that provides financial products and services through technology with presence in 13 countries across Africa, Europe and Australia.

The bank has branches in Blantyre, Lilongwe,Mzuzu, Zomba, Mangochi, Dzaleka, Kasungu and Madisi.

Currently, it has a fully-fledged delivery channel of 17 branches, 78 agents, and 30 ATMs across the country, offering a full range of banking products and services that include Bancassurance and microfinance products.

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