FDH Bank plc commits to sustaining profits

0
161
FDH Bank Chairperson Charity Mseka

FDH Bank plc has reiterated its commitment to maintaining profitability and delivering shareholder value despite challenging economic conditions. 

This assurance was highlighted at the Bank’s 17th Annual General Meeting held in Blantyre on Friday.

During the meeting, shareholders approved a final dividend of K7.039 billion for 2023, a testament to the bank’s robust financial performance.

In 2023, FDH Bank reported an impressive post-tax profit of K35.647 billion, a 55 percent increase from the K22.932 billion recorded in 2022.

The approval of this final dividend brings the total dividends from 2023 profits to K22.635 billion. 

FDH Bank Managing Director Noel Mkulichi at the AGM

The bank had previously paid a first interim dividend of K9.04 billion in August 2023 and a second interim dividend of K6.556 billion in December 2023.

FDH Bank’s Chairperson, Charity Mseka, addressed the bank’s outlook for 2024, acknowledging the difficulties posed by persistent foreign currency shortages, a widening trade deficit, and sluggish GDP growth.

Despite these challenges, Mseka expressed confidence in the bank’s strategic plan for 2024 to 2026, designed to enhance adaptability, resilience, and sustainable growth.

“Our dividend payouts are a clear indicator of our strong performance and our commitment to rewarding our shareholders,” Mseka stated. 

“We continue to support the public and private sector, engaging with businesses across various industries to address their concerns and assist them in navigating a difficult economic landscape,” she added.

The FDH Bank AGM in session

Mseka assured shareholders that the bank is focused on meeting customer demands, particularly in addressing forex challenges, and is dedicated to fostering a supportive environment for business growth.

Joe Maele of IB Holdings, representing the shareholders, expressed satisfaction with the bank’s performance.

 “We are pleased with FDH Bank’s results. Despite the economic uncertainties, we believe the bank has the potential to achieve even greater success by exploring new markets and opportunities,” he said.

Maele also noted the challenges posed by external factors such as fuel and food shortages, which could impact the bank’s ability to sustain profits. 

However, he remained optimistic about FDH Bank’s ability to overcome these hurdles and continue delivering value to its shareholders.

LEAVE A REPLY

Please enter your comment!
Please enter your name here