Ecobank Malawi Limited has posted its 2022 half-year summary of unaudited results, recording a profit before tax of MK11.6 billion which represent a 95% growth in comparison to half-year unaudited results for 2021.
The results have been co-signed by the bank’s Board Chairman, Symon Msefula, and the Managing Director, Dr. Raymond Fordwuo and they show that the bank’s operating income grew year-on-year by 53% to MK19.2 billion mainly due to significant growth in interest-earning assets.
The results which were announced on Tuesday August 23, 2022, also shows that the revenue growth outstripped operating expenses growth; hence the bank recorded a lower cost to income ratio of 33% from 41% in a similar period in the previous year.
The bank’s statement about the half-year summary of unaudited results indicate that consequently, profit before tax grew to MK11.6 billion year-on-year representing 95% growth while profit after tax increased by 87% to MK8 billion.
The bank’s total assets increased year-on-year to MK470 billion mainly anchored by deposits from customers which grew by 79% to MK259 billion while the loan book grew slightly by 5% at MK37 billion due to subdued utilization of facilities by its major customers triggered by global supply chain disruptions caused by the current geo-political environment.
The statement further states that the sustained growth underscores the resilience of the bank arising from its leadership position in trade finance, the digitization of products and services, operational efficiency, and excellence in delivery of customer-centric services.
The bank says it is not expecting much improved results in the second half of the year saying its operations have not been spared from the effects of intermittent electricity power supply and the rising in prices of basic commodities.
“According to the bank’s outlook, the operating environment in the second half of the year is projected to remain unstable as the first half of the year given rising commodity prices, intermittent electricity power supply and uncertainty caused by Russian-Ukraine conflict which pose threats to projected GDP growth for the year,” reads part of the statement.
However, despite these tough times, the bank says it remains focused on serving the needs of its customers, shareholders, staff, and all other stakeholders and it will in the second half of the year accelerate the sale of its world class digital solutions targeting every Malawian.
The bank further says it will provide more convenience to its customers by improving on existing product lines and introducing new ones and says it will also continue to play a leadership role in the key sectors of the economy and the African continent by leveraging on its partnerships around the world.
Ecobank Malawi Limited further says that it is cautiously optimistic about the future and will continue to make the appropriate investments to bring more value to its customers and other stakeholders.
Follow us on Twitter:
