MyBucks Banking Corporation has recorded a K2.2 billion profit-after-tax for the year ended December 31 2020, a 53% profit up from K1.4 billion recorded during the corresponding period in 2019.
A statement by the bank has attributed the profit to growth in interest generating assets, mainly the 65% growth in the loan book. Figures in the statement signed by the bank’s board chairperson Francis Pelekamoyo, Board director Morgan Tembo, managing director Zandile Shaba show that revenue grew by 26%, driven by a 65% growth in loans and advances and 25% in treasury investments. Year-on-year, total asset base grew by 58%, from K72 billion in 2019 to K114 billion in 2020, on account of a 65 percent growth in loans and advances and a 25% growth in treasury investments.
Recently, the bank confirmed that the bank has extended its retail products and services to civil servants; prior to the development, the civil servants only accessed its lending products through MyBuck’s Microfinance service. The statement, signed by Chief Commercial Officer Ernard Mkandawire, attributed the development to the bank’s strategic intent to make a positive social impact in Malawi.