By Nelson Gonjani
CDH Investment Bank says it is upbeat that the country’s business environment will improve due to government’s provision of the vaccine for the coronavirus (Covid-19) pandemic, moderate improvement in foreign exchange availability and containment of other economic pressures on inflation.
In a summary of financial results for the six months ended 30th June signed by the CEO and MD Ngando Moukala, CDH laments that Covid-19 and foreign exchange shortages have slowed down economic activities.
It, however, says despite a challenging environment, the bank remained resilient in the first half of 2021 and will continue to provide novel solutions to its esteemed clientele.
Reads the statement: “It is expected that the bank’s growth momentum will continue in the second half of the year as the operating environment continues to improve with the roll out of Covid-19 vaccination programme, a moderate improvement in the forex availability, and containment of other economic pressures on inflation.”
“The business will leverage on the positive business outcomes experienced during the period under review. Capital optimization, cost discipline, compliance and risk management remain the pillars for the sound financial performance.”
The bank realized a profit after tax of K2, 8991 million against prior year performance of K927 million representing an increase of 212%.
The operating income before impairments on loans and advances grew from K5,012 million to K5,919 million mainly on account of growth in net interest income and non-interest income by 18%.
The total assets increased by 54% from K109,051 million to K167,916 million mainly due to increase in customer deposits by 48% and the investment funds by the 69% as the bank continues to propel innovate financial solutions for its clients.
“The bank continued to leverage on the benefits of integrating investment banking solutions and traditional commercial banking services to drive performance,” reads the statement.