MyBucks profit up130% - The Times Group Malawi

MyBucks Maslawi profit up 130% in 2019

Post was last updated: August 12, 2020

Mybucks Banking Corporation profit after tax for the half-year ended June 30, 2020 went up by 130 percent to K1.8 billion from K817 million recorded during same period in 2019.

This is according to a published financial statement issued yesterday and jointly signed by the bank’s Board Chairperson, Francis Pelekamoyo, director, Morgan Tembo, Managing Director, Zandile Shaba, and Chief Finance Officer, Thomson Kumwenda.

The bank attributes the increase in profitability to a 63 percent growth in its loan book to K34 billion from K21 billion during the first half of 2019.

Customer deposits went up by 98 percent year on year growth.

The bank also announced to have registered an 84 percent growth in operating costs after a strategic acquisition of Nedbank Malawi, combined business rationalisation costs and expansion of the points of representation its brand across the country.

It registered an asset growth of 70 percent to K100 billion from K59 billion in June 2019.

“On account of growth in the asset base, total interest income for the first half was seven percent higher compared to the same period last year. Credit impairments reduced by seven percent to K191 million from K204 million year on year,” reads part of the statement.

In the statement, the bank further says operating costs grew by 84 percent year on year to support the growth of the Group after the acquisition of Nedbank Malawi, combined with business rationalisation costs and the expansion of the points of representation of the MyBucks Brand across the country.

Looking forward, MyBucks says it remains upbeat and committed to offer consistent and relevant customer experience.

“In order to achieve excellent customer experience, the bank has embarked on a journey to be a truly digital bank by offering enhanced digital platforms that will take customer satisfaction to a new level,” reads the statement.

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