Published financial results from MyBucks Banking Corporation Malawi have shown a 130% increase in profit after-tax in the half-year ended June 30 2020.

Figures on the  results show that profit went up from K817 million to K1.8 billion, as the bank’s managing director Zandile Shaba, director Morgan Tembo and chief finance officer Thomson Kumwenda have said that the bountiful increment has been attributed to the loan book, which grew by 63% to K34 billion from K21 billion during the period in review. 

The impressive results arrive amidst the coronavirus pandemic which has hindered the banking sector, not to mention the general business environment. While the pandemic has seen the sector push for digital platforms, the bank has also noted that the platforms reduce costs, hence the bank will encourage the initiative. “With digital platforms come cost reductions and the ease of doing business, while passing on the benefits to our customers.” says part of the statement.