Ecobank Malawi registers K861m profit
Ecobank (Malawi) has reported a 104 percent increase profit before tax of K861 million from K471 million in the bank’s unaudited reports published in the press on Thursday.
According to the report signed by the bank’s managing director Charles Asiedu and Board of directors chairman Masauko Msungama the bank has registered such an achievement due to growth in interest bearing assets and trade finance business adding that operating expenses increase by 46% which was consistent to the bank’s expansion programme.
“Assets grew by 125 percent to K26 billion benefiting from customers and additional capital injected by shareholders. The loan book also increased by 16 percent mainly through targeted lending in some key sectors of the economy,” reads the report.
Looking forward, the bank pledges to continue to leverage the Ecobank group’s energy in order to consolidate its performance through introduction of innovative products, improved customer service delivery platforms and support on large ticket transactions.
“We are cautiously optimistic that the strong performance recorded in the first half of the year will continue in the second half of the year. The bank’s performance for the year is expected to be better than that of the previous year,” reads the statement.
