A financial statement for Ecobank Malawi has posted a 45% profit at K7.1 billion for the year ended December 31, 2019.
The year under review saw tough economic condition arising from the effects of the May 21 2019 Tripartite Elections, but the bank made it regardless. The statement says that the bank’s total assets remained stable at K262 billion, principally driven by funding from borrowed funds which grew by 37% to K82 billion.
However, the statement has a pessimistic outlook for 2020, attributed to the annulation of the 2019 presidential election and the ushering in of a new one reintroduces a new wave of uncertainties on the market. On the other hand, the bank has sai the corona virus outbreak may negatively affect the bank’s performance this year. “Also the global impact of Covid-19 poses serious economic challenges around the world, including Malawi.” said part of the statement.
The corona virus outbreak has affected various businesses, from transportation, imports/exports and many more.