The New Finance Bank (NFB) has broken its financial record by registering first ever profit since it was officially opened in July 2014.

The bank has recorded an after tax profit of K819 million in the first six months of 2018. Last year it made a K1 billion loss during same period and a cumulative loss of K1.9 billion.

“The first half of 2018 marked a complete turnaround of the group, from a history of losses. The group registered significant balance sheet growth year on year,” explains the bank in a statement issued over the weekend.

Loans and advances grew by 224 percent during the period under review.

Deposits from customers also listed its first medium-term bond note of K4 billion on the Malawi Stock Exchange.

The bank’s total assets grew by 410 percent when compared with same period last year, this means that total income for the first half was 586 percent higher compared to the same period last year.