MyBucks forecasts macroeconomic stability

By Nelson Gonjani

MyBucks Banking Corporation says it expects Malawi’s macroeconomic stability to continue in 2021 supported by the stable food prices and lower than prior year project global oil prices.

In a financial statement signed by Board Chairperson Francis Pelekamoyo, the Banking Group explains that it expects the impact of the novel corona virus (Covid -19) on certain sectors of the economy to be felt in the medium term.

The statement reads: “Despite that the Covid -19 Pandemic is with us here, the group will remain vigilant in monitoring and managing risks related to Covid -19.”

‘’The group has implemented a new digital banking system after year end. With the new system in place, will drive the digitization agenda to grow the business as well as enhance customer experience.’’

‘’We will also focus on cost rationalization, prudent management of risk and liquidity, diversification of the balance sheet, whilst maintaining a healthy capacity position.’’

During the year, the Group conducted the acquisition of Nedbank Malawi and fully integrated the operations of Nedbank into MyBucks. This acquisition has enabled the group to serve its stakeholders from additional points of representations and also continue to offer unique products to its focus customer segments.

Meanwhile, the Group will continue to focus on achieving growth through acquisitions, mergers and organic means where necessary.

However, the group continues to show strong performance year on year. The revenue grew by 26% driven by a 65% growth in loans and advances and 25% in treasury investments.

 ‘’The group’s profit after tax of Mk2.2 billion was 53% above prior year. This was due to growth in interest generating assets, mainly the 65% growth in the loan book,’’ the statement reads.