By Linda Kwanjana
FDH Bank plc has reported a record-breaking profit after tax of K74 billion for the year ending December 31, 2024 marking a staggering 108% growth from K35.6 billion recorded in 2023.
This was revealed during the bank’s Annual General Meeting held on May 30, 2025, at the Thomson Frank Mpinganjira (TFM) Centre of Excellence where the board and shareholders celebrated what was described as an ‘excellent performance’ amid a turbulent economic landscape.
The profit growth was largely driven by a 90% increase in revenue, reaching K195 billion, alongside significant growth in net interest income which rose by 136% to K141 billion, up from K60 billion in the previous year.
The bank’s total assets grew by 119%, surpassing K1.2 trillion, while customer deposits nearly doubled to K883 billion reflecting a 99% increase.
Commenting on the performance, the bank’s board chairperson, Charity Mseka, commended employees for dedication and hard work despite turmoil economic hardships the country is currently striding to maneuver through.
Mseka said; “We are very excited that we achieved such a great performance. It reflects the dedication of our staff, our innovative approach, and the strategic path we continue to follow.”
In the year under review, another bank’s key milestones was the launch of FDH Salama Banking Solution, a pioneering service offering Shariah-compliant banking to Malawians.
This marked a significant step in financial inclusion, as it became Malawi’s first bank to offer Islamic banking products tailored to serve both individuals and businesses seeking banking solutions aligned with Islamic principles.
“The Salama solution opens new opportunities for unbanked and underserved communities, broadening our reach and inclusivity,” said Noel Mkulichi, Bank’s Managing Director
In a further show of its commitment to reach its more clientele, the financial institution became the only commercial bank with a physical branch on Likoma Island, solidifying its position as the most accessible banking partner in the country’s most remote areas.
Meanwhile, the bank’s market capitalization has also surpassed K2.1 trillion, reinforcing its dominance on the Malawi Stock Exchange (MSE).
Shareholders received K35.1 billion in dividends for the year, up by 79% from 2023, representing K5.09 per share.
Commenting on the development, a member of Minority Shareholders of Listed Companies of Malawi (MISALICO), Lovemore Tinto, hailed the bank for the outstanding performance.
“As shareholders, we are proud and satisfied with the direction FDH Bank is taking. The results speak volumes about the quality of leadership and long-term vision,” said Tinto.
Despite its stellar performance, the bank navigated through macroeconomic challenges, including high inflation, forex shortages, and slow GDP growth.
Operating expenses rose by 42%, largely due to investments in digital infrastructure and delivery channels.
However, the increase in customer deposits and advances to customers helped sustain growth.
Looking ahead, the local economy remains uncertain in 2025, with inflation projected to average 29.2%, while GDP growth is expected at 4.0%, up from 1.8% in 2024.
“We will continue to focus on profitability, diversification, and digital transformation while supporting Malawi’s development agenda,” said Mseka.
With its bold expansion plans, solid financial footing, and innovations such as Shariah-compliant banking, FDH Bank is positioning itself not just as a leading financial institution in Malawi, but as a competitive player in the broader regional market.
