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FDH Bank Financials 2019 FINAL

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FDH Bank Financials 2019 FINAL SUMMARY AUDITED FINANCIAL STATEMENTS FDH BANK FDH Bank FOR THE YEAR ENDED 31 DECEMBER 2019. LIMITED Main Highlights Net interest Income 7% Total Income Non Interest income 23% 10 40 K34.3 K7.8 Billion Corporate Social Responsibility 21% Billion K29 8 Billion a a 2019 K5.9 30 ach Billion 2019 ach Total Assets 24% Kw 6 Kw 2018 2018 20 4 Loan Book Growth 40% 10 Amount in Billion 2 32% Amount in Billion 18% Increase Increase Return on Equity 35% 0 0 NPL Ratio down to 0.80% K Customer Deposits Basic Earnings per Introduced WhatsApp Banking Share (Tambala) K137.1 Billion New Branch Goliati - Thyolo 150 2000 K112.5 1,696 Tambala a Billion 2019 1,289 Tambala ach 1500 Upgraded Branches Mulanje, Chiponde, Mzimba, Kw 100 2019 and Agencies Chitipa, Jenda & Neno 2018 ambala 2018 1000 50 Amount in T 500 Amount in Billion 22% 32% Increase Increase 0 0 FDH BANK LIMITED FINANCIAL RESULTS FOR Malawi GDP growth rate is projected to average between 5% and 6%, according to the Reserve Bank of Malawi. YEAR ENDED 31 DECEMBER 2019. Private sector credit annual growth in 2019 was 21.3% up from 11.5% in 2018. The The Directors present the audited summarised financial statements of FDH Bank stronger growth in private sector credit in 2019 is a reflection of reduced interest rates. Limited for the year ended 31 December 2019. We anticipate the low interest rates regime to continue and spur private sector credit growth in 2020. PERFORMANCE The Bank continues to consolidate and improve on the convenient delivery channels The Directors report a profit after tax of K7.846 billion for the year ended 31 through its digital products and providing innovative first class financial solutions. The December 2019 up from a profit after tax of K5.965 billion for the year ended 31 Bank also continues to upgrade its existing infrastructure network to bring it up to December 2018. Total Income grew by 18% from K29.066 billion to K34.39 billion. standard for an improved customer experience. In February 2020, the Bank introduced Net Interest Income grew by 7% on the back of the increase in the loan book, which Mastercard Debit Card, becoming the first Bank in Malawi to issue Mastercard Platinum was partly offset by the changes in the Monetary Policy Rate and the introduction debit cards to customers. of the Reference Rate. These changes saw the policy rate move from 18% in 2018 down to 12.5% at the close of 2019. Interest expense went up by 15% reflecting the LISTING PLANS growth of the Bank’s deposits. Non-Interest Income grew by 23% owing to the increase in revenue from non-funded income. The preparations to list the Bank on the Malawi Stock Exchange in 2020 are on track and progressing very well. FDH Bank’s listing will give a chance to the public and all Total assets grew by 24% year on year, mainly emanating from the increase in Loans Malawians to invest in this homegrown and leading digital Bank in Malawi. and Advances by 40%, and Government securities by 19%. This growth is in line with the Bank’s strategy to grow the interest earning assets. Customer deposits We are indebted to our esteemed clients, shareholders, management, staff, the increased by 22% from K112.570 billion to K137.14 billion. Notwithstanding the Government of Malawi, the Reserve Bank of Malawi, and all other stakeholders for growth in the loan book, the NPL ratio dropped from 1.41% in 2018 to 0.80% by their continued and unwavering support. close of 2019, against an industry average of 6.1%. BASIS OF PREPARATION The Bank’s continued investment in the Digital Platforms, Delivery Channels, Human Capital and other Customer Centric Innovations resulted in the increase The Directors have prepared the summary financial statements to meet the in operating expenses by 14% from 2018. The focus for the Bank is to improve requirements of the Financial Services Act, 2010. The Directors have considered customer experience as well as diversifying sources of non-interest income. The the requirements of the Financial Services Act, 2010 and believe that the summary Bank will continue to put more focus on effective cost management as we continue statements of financial position, comprehensive income, changes in equity and cash to bring down the cost to income ratio flows are sufficient to meet the requirements of the users of the summary financial . statements. The amounts in the summary financial statements are prepared in accordance with the framework concepts and the measurement and recognition ADOPTION OF NEW INTERNATIONAL FINANCIAL REPORTING requirements of International Financial Reporting Standards. The summary financial STANDARDS (IFRS) statements have been derived from the Financial Statements which were approved by the Board of Directors on 10 February 2019, and are available at the registered office New IFRSs have been adopted including IFRS 16 Leases (IFRS 16), which has of the Bank. impacted the Bank’s results. As permitted by IFRS 16, the requirements of the standard have been applied using the cumulative-catch up approach under which By order of the Board. comparative information is not restated. FDH Bank Limited OUTLOOK Dr. E. Ngalande Mr. A. Oginga Dr. U. Katunga Managing Director Board Chairman Chairperson, Finance Going forward, inflation is expected to average around 8%. The Bank also anticipates and Audit the Kwacha/US Dollar exchange rate to remain relatively stable in 2020, while the 18 FEBRUARY 2020 www.fdh.co.mw SUMMARY AUDITED FINANCIAL STATEMENTS FDH BANK FDH Bank FOR THE YEAR ENDED 31 DECEMBER 2019. LIMITED 1. STATEMENT OF COMPREHENSIVE INCOME Deferred tax on transitional adjustment 7,999 1,575,815 31-Dec-19 31-Dec-18 K’000 K’000 REPORT OF THE INDEPENDENT 31-Dec-19 31-Dec-18 Total comprehensive income/(loss) for the year 7,846,364 5,965,442 AUDITOR ON THE SUMMARY Audited Audited Dividends paid (1,040,000) - Senior Management Officials FINANCIAL STATEMENTS K’000 K’000 At the end of the period 22,673,475 15,885,774 Balance at the beginning of 110,595 103,606 the year Opinion Interest income 16,343,445 14,781,015 The summary financial statements, which comprise 4. STATEMENT OF CASHFLOWS Loans granted during the 156,054 67,097 the summary statement of financial position as Interest expenses (7,766,556) (6,734,599) year Cash generated from operations 5,022,988 937,761 at 31 December 2019, the summary statement of Net interest income 8,576,889 8,046,416 Repayments (176,403) (60,108) Income tax claimed 532,529 347,736 comprehensive income, the summary statement of Non-interest income 25,812,682 21,019,785 Net cash flows generated from operating activities 5,555,517 1,285,497 Balance at the end of half 90,246 110,595 changes in equity and the summary statement of cash Total income 34,389,571 29,066,201 year flows for the year then ended and related notes, are Net cash used in investing activities (6,529,538) (2,055,407) derived from the audited financial statements of FDH Operating expenses (22,163,889) (19,473,475) Net cash generated from financing activities 719,153 7,665,020 Bank Limited for the year ended 31 December 2019. Profit before net impairment losses and tax 12,225,682 9,592,726 Net increase in cash and cash equivalents (254,868) 6,895,110 Net charge on impaired financial assets (482,634) (1,436,186) Cash and cash equivalents at the beginning of the period 64,254,574 57,359,464 In our opinion, the accompanying summary financial 8. BASE LENDING RATES Profit before tax 11,743,048 8,156,540 statements are consistent in all material respects, with Cash and cash equivalents at the end of the period 63,999,706 64,254,574 Taxation (3,896,684) (2,191,098) 31-Dec-19 31-Dec-18 the audited financial statements of FDH Bank Limited, and the basis described on the basis for preparation Profit after tax 7,846,364 5,965,442 Base Lending Rate 12.5% 25.0% paragraph. 5. IMPAIRMENT LOSSES/NON-PERFORMING CREDIT FACILITIES AND PROVISIONS FOR LOSSES Maximum Applicable Range 11.1% 10.0% Other comprehensive income BY INDUSTRY SECTOR (% points) Summary financial statements Revaluation Surplus - - 31 December 2019 31 December 2018 Base Lending Rate (Foreign) N/A N/A The summary financial statements do not contain all the disclosures required by International Financial Reporting Deferred tax on revaluation surplus - - Outstanding Expected Outstanding Expected RBM Bank Rate 12.5% 16.0% Standards and the requirements of Malawi Companies Total other income net of tax - - Amount Credit Amount Credit Losses Losses Act, 2013. Reading the summary financial statements K’000 K’000 K’000 K’000 and the auditor’s report thereon, therefore, is not a Total comprehensive income for the year 7,846,364 5,965,442 1. Agriculture, Forestry, Fishing and Hunting 2,689,058 88,229 852,751 90,566 substitute for reading the audited financial statements and the auditor’s report thereon. The summary financial 2. Mining and Quarying 468,333 379 538,448 16,436 9. DEPOSITS RATES statements and the audited financial statements do not 2. STATEMENT OF FINANCIAL POSITION 3. Manufacturing 9,768,554 132,660 10,144,744 3,552 31 December 31 December reflect the effects of events that occurred subsequent 2019 2018 Liabilities, Capital and Reserves 4. Electricity, Gas, Water and Energy 5,505,691 817 4,911,288 9 to the date of our report on the audited financial Liabilities 5.
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