One of the country's commercial banks, FDH Bank registered a financial turnaround in the first half of 2017, recording an after tax profit of MK1.64 billion from a loss of MK192.2 million during the same period last year.
The development follows a MK9.7 billion capital injection the bank made in the first six months of 2017 to make the institution Basel II compliant, following the acquisition of Malawi Savings Bank last year.
FDH Bank has expressed satisfaction with its ongoing Mchikumbe Akolore promotion, which has seen the bank gaining over 20,000 new customers.
This was said during the second draw of the promotion, held at the bank’s head offices in Blantyre.
FDH Bank Head of Personal Business Banking, Kawawa Msapato, said the bank managed to reach its targets in the first month of the promotion.
“We had initial expectations when we started the promotion. It pleases me to say that what is happening on the ground has exceeded our initial expectations,” Msapato said.
The Mchikumbe Akolore promotion began at the end of June and was aimed at encouraging more farmers to maintain a saving culture.
“We have seen a huge impact on the accounts that have been opened, especially by the farmers. They had the possibility to win something and also save money for a rainy day.” Msapato said.
During the draw, 25 customers went home with 5okg bags of fertiliser each; 10 customers carted home MK50,000 each and consolation prizes of FDH bank-branded T-shirts and cloths were given away.
By Sharon Chirwa