Fdh Bank Projects 36.2 Million Profit In Q4 2024, Resilient Amid Malawi's Economic Slowdown

FDH Bank, a wholly owned subsidiary of FDH Financial Holdings Limited and one of Malawi's leading financial services providers, is projecting a substantial profit increase for the fourth quarter of its 2024 fiscal year Q4 2024.

Founded by Thom Mpinganjira, one of Malawis most successful businessmen, the bank anticipates profit after tax growth of up to 75 percent, reaching MWK62.5 billion 36.1 million, compared to MWK35.6 billion 20.6 million during the same period in 2023.

In a voluntary earnings update , FDH Bank forecasted its profit after tax for the year ending Dec. 31, 2024, to range between MWK59.2 billion and MWK62.5 billion, marking a 66 percent to 75 percent increase from the previous year.

This forecast highlights the bank's resilience and effective cost management despite the ongoing economic challenges in Malawi. As per Malawi Stock Exchange requirements, the bank issued this voluntary trading update to inform the market of expected financial performance deviations exceeding 20 percent from the previous period.

Despite Malawis economic challenges, including a revised GDP growth forecast of just 2 percent due to drought-induced agricultural declines and macroeconomic imbalances, FDH Banks robust performance stands out. This demonstrates the banks operational strength and strategic focus in navigating these headwinds.