Business
My Bucks forecasts stable economic outlook for Malawi
September 01, 2021 / Nelson Gonjani
My Bucks Banking Corporation says Malawi’s macroeconomic outlook is expected to remain stable for the most part of the 2021 fiscal year.
In a summary of unaudited interim financial results for the six months ended June 30, 2021signed by Chairman Francis Pelekamoyo, the banking group explains that the growth path for 2021 rests much on what happens in the remaining months as the country continues to be challenged with the increasing cases of Covid-19 and low vaccinations roll out rates.
It reads: “Notwithstanding the challenges, the monetary authorities are currently projecting inflation to average 8.4% for 2021.’’
‘’As a group, we will remain upbeat and committed to offer a consistent and relevant customer experience so that we can achieve excellent customer experience.’’
The statement says the Bank has embarked on a journey to be a truly digital bank by offering enhanced digital platforms that will make customers satisfied.
It says that with the digital platforms come cost reductions and ease of doing business, while passing on the benefits to its customers.
In the year, the group will also focus on the rationalization of its cost base; the effective and the prudent management of risks and a liquidity; and the diversification of its balance sheet, balanced with the efficient portfolio allocations, which will also effectively result in the maintenance of a robust capital position.
The Bank has recorded a profit after tax of MK0.39 billion for the six months ended June 30, 2021, compared to MK1.8 billion for the six months period to June 2020.
The main driver of the reduction in year on year profit after tax is the exclusion of Nedbank Malawi acquisition gains from non- interest income in 2021, as this was a once off the event in 2020.
There was also a slow growth on all lines of revenue due to the impact of Covid-19 on the business of the bank.
“The bank has not yet fully realized the synergistic gains from the Nedbank Malawi acquisition, mainly due to the challenging business environment amidst the Covid-19 impact on the economy,” reads the statement.
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The establishment of a stable and self-sustaining ecosystem, but not necessarily the one that existed before mining began. In many cases, complete restoration may be impossible, but successful remediation, reclamation, and rehabilitation can result in the timely establishment of a functional ecosystem.
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