Business

CDH bank expects business to improve during second half of the year

August 14, 2020
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380 Comments

By Tawina Maluwa

CDH Investment Bank says it is expecting supply chains to improve during the second half of the year after torrid times in the first half due to the coronavirus (Covid-19) pandemic.

In its unaudited financial results for the financial year ended June 30 signed by Chief Finance Officer, Mosiwa Ndovi, the Bank laments that the impact of the Covid-19 pandemic disrupted economic and business supply chains both locally and internationally.

Ndovi said: “Despite the various challenges, inflation and interest rates remained relatively stable. Many countries are slowly reopening and easing restrictions. It is expected that Malawi will also follow suit amid measures deployed by government to slow down the spread of the virus.”

“Therefore, supply chains are expected to improve during the second half of the year. The Bank has, however, taken appropriate steps to assess the likely impact of the pandemic on business and management is closely monitoring potential disruptions caused by the pandemic.”

He said Bank’s business for the second half of the year will leverage on the positive outcomes experienced during the period under review arising from the advisory, tailor-made and structured transactions to sustain growth, capital optimization and cost discipline.

In the period under review, the Bank registered profit after tax of K927 million against prior year performance of K549 million representing an increase of 69% mainly due to an increase in operating income before impairments on loans and advances of 26% from prior year.

The operating income before impairments on loans and advances grew from K2,803 million to K5,012 million mainly on account of growth in net interest income by 13% and non-interest income by 56%.

CDH investment Bank is a leading investment bank in Malawi which aims to build a vibrant, profitable and technology-driven banking entity through new products and services.

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