Malawi’s leading home-grown meritorious financial institution and commercial bankers, FDH Bank is now the third most valued company on Malawi Stock Exchange (MSE) after hitting a whooping K1 trillion in market capitalisation.
The development comes hot on heels following a sharp rise in the counter’s share price from K138.22 per share last week to K143.70 per share on Monday.
FDH Bank’s Head of Marketing and Communication Levie Nkunika said the growth as a positive news for stakeholders especially investors.
Nkunika said; “As the fastest growing bank, we are pleased with this milestone and the growth that we have been registering since listing on the Malawi Stock Exchange on 3 August 2020.
“Reaching K1 trillion market capitalisation milestone is great news for our stakeholders especially our investors as we have added value to their investment.”
Added Nkunika: “It is not surprising as the Bank has been focussed on providing easy access to financial solutions to enable our customers and stakeholders grow.
“We have been resilient and strategic in our approach in making the Bank competitive now and future ready.”
Nkunika said FDH Bank has been making strategic investments in latest technology and systems, improving processes, introducing new products and expanding to underserved and new markets, growing customers, developing staff and playing a key role in driving sustainability in the country by contributing to society in many ways.
Nkunika, therefore, emphasised that FDH Bank is committed to continue rendering exceptional customer services it’s clientele with passion and dedication.
“We are very grateful to our investors and customers and other stakeholders for having great confidence in FDH Bank Plc, as we continue to grow together,” he said.
Within four years of listing on the 16-counter Malawi Stock Exchange (MSE), the FDH Bank Plc’s market capitalisation has hit K1.03 trillion with share price hitting K149 as of 12 August 2024.
Starting from initial public offer (IPO) of K10 per share in 2020, the share value saw a growth rate of 1,390% to K149.
The development pushes FDH Bank Plc as the third counter on MSE to hit K1 trillion market capitalisation among the 16 counters.
On its last dividend declaration, to be paid to shareholders on 22 August 2024, the Bank announced a first interim dividend of K13.043 billion in respect of 2024 profits representing K1.89 million per share after reporting a K27.9 billion profit after tax for half year ended June 2024.
FDH is known as a leading digital bank with cutting edge innovative financial solutions and continues to have the widest branch network in Malawi.
This year the Bank expanded to Likoma Island, making it the only commercial bank present on the island and the only bank present in all districts of the country.
The bank also introduced Sharia compliant banking services in Malawi, becoming the first commercial bank in Malawi to offer such a service.
FDH Bank Plc was licensed 2007 and started operations on 15 July 2008 and is subsidiary of FDH Financial Holdings.
The principal function of FDH Bank Plc is to provide banking services through our main divisions of Personal and Business Banking, Corporate and Institutional Banking, Treasury and Investment Banking, Global Markets and Trade Finance and Digital Financial Services and Corporate Advisory Services.
FDH Bank is a subsidiary of FDH Holdings Limited, which is headed by William Mpinganjira as the group’s Chief Executive Officer (CEO).
The Malawi Stock Exchange was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, under the aegis of the Reserve Bank of Malawi.
International Finance Corporation, a World Bank affiliate, and the Financierings Maatschappij Ontwikkelingslanden, a Dutch development bank with close ties to the Dutch Ministry for Development Co-operation, provided 40% of the $500,000 required for establishing the stock market in Blantyre.
The exchange operates in terms of the Capital Markets Development Act of 1990 and the Capital Market Development Regulations of 1992.
“We have been resilient and strategic in our approach in making the Bank competitive now.”
Levie Nkunika
FDH Bank Head of Marketing and Communication
