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MyBucks profit jumps to K1.8bn: Grows by 130% in profit

Written by  MBC Online Reporter

MyBucks Banking Corporation has posted a profit after tax of K1.8 billion in the first half of the year 2020 compared to K817 million recorded in June 2019.

MyBucks MD Zandile Shaba MyBucks MD Zandile Shaba
11
August

This, according to the bank, represents a 130 percent growth in profit after tax.

 

Published financial statement, jointly signed by the bank’s Board Chairperson Francis Pelekamoyo, Board Director Morgan Tembo, Managing Director Zandile Shaba and the Chief Finance Officer Thomson Kumwenda, claims that the main driver of growth has been the loan book which grew by 63% to K34 billion from K21 billion same period June 2019.

The statement further says the bank recorded a 98% year on year growth in deposits from customers.


“On account of growth in the asset base, total interest income for the first half was 7% higher compared to the same period last year. Credit impairments reduced by 7% to MK191m from MK204m year on year.


“Operating costs grew by 84% year on year to support the growth of the Group after the successful acquisition of Nedbank Malawi, combined with business rationalisation costs and the expansion of the points of representation of the MyBucks Brand across the country,” reads the statement.


The statement says MyBucks remains upbeat and committed to offering consistent and relevant customer experience.

“The macroeconomic outlook is expected to remain stable for the most part of 2020, the growth path for 2020 rests much on what happens in the remaining months as the country continues to be challenged with increasing cases of Covid-19 pandemic.

“Notwithstanding the challenges, the monetary authorities are committed to keeping a low inflationary environment objective in the medium term. The economic growth is expected to be driven from the agriculture, manufacturing, mining, construction and transportation sectors,” reads the statement in part.


MyBucks Malawi is a fully-fledged bank that is part of MyBucks SA, whose Head Office is in Luxembourg and listed on the Frankfurt stock exchange; a FinTech company that provides financial products and services through technology with presence in 13 countries across Africa, Europe and Australia.

The bank has branches in Blantyre, Lilongwe, Mzuzu, Zomba, Mangochi, Dzaleka, Kasungu and Madisi.

Currently, it has a fully-fledged delivery channel of 17 branches, 78 agents, and 30 ATMS across the country, offering a full range of banking products and services that include Bancassurance and microfinance products.

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