Leading home-grown listed commercial bankers, FDH Bank has hatched a new two-year strategy that is set to tackle the ongoing economic turmoil in the country, the Bank’s board chair has announced.
FDH Bank plc board chairperson Charity Mseka says the bank’s new strategy will respond to the country’s uncertain and volatile business environment.
In a statement during the bank’s 17th Annual General Meeting (AGM) held in Blantyre last Friday, Mseka told shareholders and other delegates that the strategy runs from 2024 to 2026 under the theme ‘Customer-centric innovation designed to foster adaptability, resilience, agility and sustainable growth’.
“The strategy, anchored by four strategic pillars of customer focus, operational efficiency, people development, and continuous innovation, aims to make FDH Bank a significant enabler providing easily accessible and relevant financial solutions to both the private and public sectors of the economy, thereby significantly contributing towards the attainment of Malawi 2063,” said Mseka.
During the AGM, the shareholders approved a final dividend of K7.39 billion or K1.02 percent per share.
Mseka said the Malawi Stock Exchange-listed bank’s commitment to customer-centricity financial solutions remains unwavering.
During the AGM, Mseka confirmed the financial results for the year ended December 31 2023 which showed that the bank reported a 55 percent increase in profit to K35.6 billion from K22.9 billion the previous year.
A member of the Minority Shareholders Association of Listed Companies, Joe Maere, said the performance of FDH Bank in the year under review has been outstanding.
“We are happy with the performance thus far and we hope that going forward, the bank will maintain the momentum,” he said.
FDH Bank plc has reiterated its commitment to maintaining profitability and delivering shareholder value despite challenging economic conditions.
This assurance was highlighted at the Bank’s 17th Annual General Meeting held in Blantyre on Friday.
During the meeting, shareholders approved a final dividend of K7.039 billion for 2023, a testament to the bank’s robust financial performance.
In 2023, FDH Bank reported an impressive post-tax profit of K35.647 billion, a 55 percent increase from the K22.932 billion recorded in 2022.
The approval of this final dividend brings the total dividends from 2023 profits to K22.635 billion.
The bank had previously paid a first interim dividend of K9.04 billion in August 2023 and a second interim dividend of K6.556 billion in December 2023.
FDH Bank’s Chairperson, Charity Mseka, addressed the bank’s outlook for 2024, acknowledging the difficulties posed by persistent foreign currency shortages, a widening trade deficit, and sluggish GDP growth.
FDH Bank Plc was incorporated and registered in Blantyre, Malawi on 16 May 2007 as a private limited liability company.
The Company was re-registered as a public limited liability company under the Companies Act, 2013 on 3 June 2020.
The Bank is also registered with the Reserve Bank of Malawi (‘RBM’) as a commercial bank and authorized dealer for exchange control purposes.
“We are happy with the performance thus far.”
Joe Maere
A member, Minority Shareholders Association of Listed Companies
