Centenary Bank Records Profit Recovery in First Half of 2023
Centenary Bank reports a remarkable recovery, making an after-tax profit of MK970 million in the first half of 2023.
LILONGWE, Malawi - Centenary Bank has made a remarkable turnaround, recording an after-tax profit of MK970 million in the first half of 2023, following previous losses, writes Moses Nyirenda.
The financial statement, released on Monday by Centenary Bank and signed by the Managing Director, Zandile Shaba, along with other bank directors, highlights the bank's remarkable turnaround in performance.
According to the statement, "Overall profitability for the Group stood at MK970 million at the close of June 2023 compared to a loss after tax of MK959 million up to June 2022, which represents a 201% increase in profitability."
The bank attributes its success to various factors, including business volume growth and cost reduction, despite facing increasing economic pressures.
Centenary Bank also emphasizes its improved capital position after a change in shareholding and capital injection earlier this year.
Despite acknowledging economic pressure, the bank expresses confidence in its ability to continue on its growth trajectory.
They state, "We expect the economic pressures, including the aftermath of Cyclone Freddy, to affect various businesses and customers' disposable incomes and ability to meet their contractual obligations. However, we are optimistic about continuing with the growth trajectory as we continue to implement the various business growth strategies we have embarked on since the start of the year."
The statement also highlights Centenary Bank's focus on cost rationalisation, risk and liquidity management, balance sheet funding diversification, customer satisfaction, system upgrades, and digitalization to drive business growth and enhance the customer experience.
With positive financial results and a strong outlook, Centenary Bank aims to maintain a healthy capital position while continuing to improve customer satisfaction and efficiency.