Malawi
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Centenary Bank announces K970 million profit

By Moses Nyirenda

Lilongwe, July 31: Centenary Bank says it has made an after tax profit of K970 million from January to June 2023.

The financial statement which Centenary Bank released on Monday signed by the bank’s Managing Director, Zandile Shaba, and other directors, indicates that the profit is a recovery from after tax loss which the bank made in 2022.

“The Group has achieved a remarkable turnaround from the adverse performance that was prevalent in the past two years. All key performance areas are showing signs of recovery and are pointing in the right direction.

“Overall profitability for the Group stood at K970 million at the close of June 2023 compared to a loss after tax of K959 million up to June 2022, which represents a 201% increase in profitability,” reads part of the financial statement.

The statement revealed that, among other things, the bank has attained business volume growth and reduced the cost of doing business despite increasing economic pressures and this contributed in the making of the profit.

The statement further highlights that Centenary Bank is now well-capitalised following a change in shareholding and capital injection at the beginning of the year.

Centenary Bank has expressed confidence that it will continue to improve despite economic pressure.

“We are optimistic about the growth trajectory as we continue to implement various business growth strategies we have embarked on since the start of the year,” reads the statement.

The statement also stated that the Bank will continue to focus on cost rationalisation, prudent management of risk and liquidity and diversification of balance sheet funding while maintaining a healthy capital position.