REGISTERED GROWTH IN PROFIT—CDH Bank
CDH Investment Bank has registered a 69 percent growth in its profit after tax for the half year ended June 30 2020.
In a published financial statement, the bank reported to have registered a K927 million profit during the period under review from K549 million earned during the same time last year.
The operating income before impairments on loans and advances grew from K2.803 million to K5.012 million on the back of growth in net interest income by 13 percent and non-interest income by 56 percent.
The bank registered 21 percent in total assets from K90.438 million to K109.051 million due to increases in the financial institution’s customer deposits which grew by 18 percent and investment funds which went up by seven percent.
Operating expenses decreased by two percent because of cost containment strategy deployed within the businesses.
The bank expects supply chains to improve during the second half of the year as countries are slowly loosening restrictions of Covid-19 and governments are taking measures to control the spread of the pandemic.
“The bank has, however, taken appropriate steps to assess the likely impact of the pandemic on business and management is closely monitoring potential disruptions caused by the pandemic,” the statement reads in part.
The statement adds that business will leverage on the positive business outcomes experienced during the period under review.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.