FDH Bank pushes group profit to K7.8bn

FDH Financial Holdings Limited has posted a K7.8 billion after-tax profit for the year ending December 31 2018 buoyed by improved performance of one of its subsidiary, FDH Bank.

This compares to K94.6 million profit the group reported in the year ended December 31 2017.

In the year under review, FDH Bank posted an after-tax profit of K5.9 billion from a loss after-tax of K1 billion during the corresponding period last year.

In its published financial statement co-signed by the group’s board chairperson Noel Nkulichi and its chief executive officer Thom Mpinganjira, the firm said the performance demonstrates its resilience in an adverse economic environment.

The financial statement shows that FDH Financial Holdings Limited registered a 28 percent total income growth from K25.2 billion to K32.3 billion.

The group says it expects tight monetary policy to continue, the country’s gross domestic product (GDP) to reflect the expected good harvest for the year, inflation to be maintained at the lower level and the exchange rate to be relatively stable for much of 2019.

“It is also expected that the recent drop of the base lending rates will spur credit growth,” reads the statement in part. n