“Additionally, the bank continues to innovate and introduce new product offerings supported by the state-of-the-art Temenos T24 core banking system which was implemented in 2016. The bank also continues to expand its footprint and upgrade its existing network and this has seen the opening at a new service centre in Balaka in June, 2017, " he said.
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
FDH Financial Holdings Limited, the parent company of FDH Bank, has said it is optimistic about future business prospects of the bank following its return to profitability since January, 2017.
In a statement on Wednesday, FDH Financial Holdings Limited group Chief Executive Officer Thomson Mpinganjira said this follows the completion of the integration, stabilisation and optimisation processes after the merger with Malawi Savings Bank (MSB), previously wholly- owned by government.
Dave Sibande and Roza Mbilizi on Saturday sparkled at the FDH Bank One-Click Golf Tournament played in moderately cool conditions at Nchalo Sports Club in Chikwawa.
The tournament was played on individual stable ford format
After a rather sloppy start punctuated by bogeys, Sibande picked himself up to register 42 points-five above his runner-up Goodwin Chimseu-whereas Eric Chapola was third, with 35 points.
FDH Bank has donated MK20 million to the Lilongwe University of Agriculture and Natural Resources (Luanar) for construction of a Multipurpose hall at the college.
The university needs at least K180 million for the project.
Making the donation, FDH Chief Executive Officer, Thomson Mpinganjira, said the bank decided to help the Luanar as it is a key component in the development of Malawi’s agricultural sector.
Malawi’s fastest growing commercial bank, FDH Bank, says it sees a bright future following the recapitalisation process which has so far seen a total of MK6.6 billion being injected into the bank.
In an interview on Friday, FDH Holdings Chief Executive Officer, Thom Mpinganjira, said an additional MK5 billion will be injected into the bank before May 31 ahead of the June 30 deadline set by the Reserve Bank of Malawi.
The development will bring the total amount spent on recapitalisation of the bank to MK1.6 billion.