MyBucks Banking Corporation has recorded a profit after tax of MK1.8 billion in the first half of the year 2020 compared to MK817 million same period in June 2019.

This represents a 130% growth in profit after tax according to a published financial statement co-signed by the bank’s board chairperson Francis Pelekamoyo, Board Director Morgan Tembo, the Managing Director Zandile Shaba and the Chief Finance Officer Thomson Kumwenda.

According to the financial statement, “the main driver of growth has been the loan book which grew by 63% to MK34 billion from MK21 billion same period June 2019”. The statement further records a 98% year on year growth in deposits from customers.

Nevertheless, the bank registered an 84% growth in operating costs after a strategic acquisition of Nedbank Malawi, combined business rationalization costs and expansion of the points of representation of the MyBucks brand across the country.

In their 2020 outlook as a group, MyBucks remains upbeat and committed to offer consistent and relevant customer experience.

MyBucks Malawi is a fully-fledged bank that is part of MyBucks SA, whose Head Office is in Luxembourg and listed on the Frankfurt stock exchange; a FinTech company that provides financial products and services through technology with presence in 13 countries across Africa, Europe and Australia.

The bank has branches in Blantyre, Lilongwe, Mzuzu, Zomba, Mangochi, Dzaleka, Kasungu and Madisi. Currently, it has a fully-fledged delivery channel of 17 branches, 78 agents, and 30 ATMS across the country, offering a full range of banking products and services that include Bancassurance and microfinance products.