FDH BANK POSTS 77% PROFIT

FDH Bank plc has posted a K14.4 billion after-tax profit for the year ended December 31 2020, a 77% profit jump from  K5.3 billion posted in 2019.

A statement announcing the above has attributed the profit growth to an increase in the loan book and other interest bearing assets. Following the announcement, the bank has declared an interim dividend of K3 billion, representing K0.43 per share,    co-signed by FDH Board Chairperson Charity Mseka, Managing Director Ellias Ngalande, Finance and Audit Committee Chairperson Ulemu Katunga and Head of Finance Richard Chipezaani.

Figures in the document show that total net income could have dropped 34% before restatement, but the results of the restatement is that non-interest income grew by 29% as a significant portion of this revenue was recognised in 2020 after being restated from 2018 and 2019. On the other hand,  total assets climbed by 30% on account of an increase in loans and advances by 40% and government securities by 56% while customer deposits increased by 16%  from K137.14 billion to K158.94 billion, as the growth in deposits was subdued by the Covid-19 pandemic.