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FDH BANK PLC ANNUAL REPORT 2020 FDH Bankfdh Bank Discount Discountfirst First Housediscount House First House

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FDH BANK PLC ANNUAL REPORT 2020 FDH Bankfdh Bank Discount Discountfirst First Housediscount House First House FDH Bank Plc Contents Company information and profile 1 Vision, Mission and Core Values 3 Financial Highlights 4 The Board of Directors 6 Executive Management 8 Board Committees Composition 10 Directors’ Reports 11 Statement of Directors’ Responsibilities 20 Our Year 22 Independent Auditor’s Report 29 Financial Statements 34 Statements of Financial Position 35 Statements of Comprehensive Income 36 Statements of Changes in Equity 37 Statements of Cashflows 39 Notes to the Financial Statements 41 1 Company Information Company Secretary: Registered office of the Company: Transfer Secretaries: Auditors: Mr. Juliano Godfrey FDH Bank Plc NICO Asset Managers Limited Deloitte Kanyongolo Umoyo House Chibisa House P.O. Box 512 19 Glyn Jones Road Principal Attorneys: Managing Director: Blantyre, Malawi P.O. Box 3173 Mbendera and Nkhono Dr. Ellias Ngalande Tel: +265 (0) 1 820 219 Blantyre, Malawi Associates info@ fdh.co.mw Tel: +265 (0) 1 832 085 www.fdh.co.mw [email protected] FDH Bank Plc Profile FDH Bank Plc (‘The Bank’) was incorporated and registered in Blantyre, Malawi on 16 May 2007, with registration number 8328 under the Companies Act, 1984, as repealed by the Companies Act, 2013, as a private limited liability company. The Company was re-registered as a public limited liability company under the Companies Act, 2013 on 3 June 2020. The Bank is also registered with the Reserve Bank of Malawi (‘RBM’) as a commercial bank and authorized dealer for exchange control purposes. The Bank’s registered office is situated at Umoyo House, Victoria Avenue, P.O. Box 512, Blantyre, Malawi. On 3 August 2020, the Bank was listed on the Malawi Stock Exchange. As at 31 March 2020, FDH Bank Plc acquired the entire equity of MSB Properties Limited (‘MSBP’) from FDH Money Bureau limited. MSBP is a real estate investment company whose registered address is FDH House, Corner Victoria Avenue and Chilembwe Road, P.O. Box 512, Blantyre, Malawi. FDH FDH Bank Plc is a subsidiary of FDH Financial Holdings Limited.Bank The other subsidiaries in the Group are the First Discount House Limited and FDH Money Bureau Limited. Discount First House MSB Properties FDH Bank FDH Financial Holdings Limited First MSB Discount Properties HouseFDH FDH Fnancal Hln FDH Money Financial Bureau Advisory Services FDH Money Bureau The principal function of FDH Bank Plc is to provide banking services through our main divisions of Retail Banking, Corporate Banking, International Banking, Structured Trade Finance, Treasury Management, Corporate Advisory Services, Asset Finance and Digital Financial Services. The related products are: 1. Current accounts 2. Savings accounts 3. Call and fixed deposits 4. Overdrafts and loans 5. Foreign exchange and international trade transactions 6. Custodial services 7. Financial advice to corporate and private clients 8. Digital products and services FDH BANK PLC ANNUAL REPORT 2020 FDH BankFDH Bank Discount DiscountFirst First HouseDiscount House First House MSB MSBMSB PropertiesProperties FDH Financial Holdings Limited FDHFDH Financial Financial Holdings Holdings Limited Limited FDHFDH FDH FDHFDH MoneyMoney FinancialFinancialFDH MoneyBureauBureau AdvisoryFinancialAdvisory Bureau AdvisoryServices Services 2 A leading money market service provider offering high yield investment products and services on the market to personal, business and corporate clients with a view to grow their investments. The services on offer include government securities, repurchase agreements and commercial papers, among others. A leading money bureau in Malawi offering seamless transactions in foreign exchange trading and international money transfer services including MoneyGram, Western Union, Hello Paisa, Mukuru, Mama Money and Small World. A real estate investment company that is wholly owned by FDH Bank Plc. It currently owns twenty-one (21) properties. The company offers independent commercial and residential property consultancy services. The Bank has a leading, expansive and strategic branch network of 51 service centres, 92 auto-teller machines and over 4,000 Banki Pakhomo agents spread throughout the country. The Bank is also a leader in cutting edge innovative digital product solutions and has the most comprehensive portfolio of digital products in the sector. Some of our service and product offering are mainly provided over mobile phones, mobile banking platforms, Automated Teller Machines (ATMs) and the WhatsApp social media messaging application. The current shareholding of FDH Bank Plc is as follows: 2020 2019 FDH Financial Holdings Limited 74.05% 93.70% The General Public 20.00% - Government of Malawi 4.75% 5.00% MSB ESOP 1.20% 1.30% FDH Financial Holdings Limited 74.05% Government Of The General Malawi FDH Bank Plc Public 4.75% 20.00% MSB ESOP 1.20% FDH BANK PLC ANNUAL REPORT 2020 3 Vision, Mission, Core Values Our Vision To be the leading provider of first class financial solutions in Malawi and the Southern African region. Our Mission To provide value to all stakeholders through superior returns, sustainable growth, secure and efficient solutions based on sound business values while being an employer of choice. Our Core Values • Transparency and Accountability • Respect - commitment to client • Teamwork • Innovation • Customer Satisfaction • Employee Development FDH BANK PLC ANNUAL REPORT 2020 4 Financial Highlights Total Income Prot Aer Tax 50 20 43.6 Billion 40 14.0 Billion 15 30.6 Billion 30 10 20 42% 169% Increase 5.2 Billion Increase 5 Amount in Billion Kwacha 10 Amount in Billion Kwacha 2019 2020 2019 2020 0 0 Net Interest Income Customer Deposits 200 20 158.9 15.2 Billion Billion 160 137.1 Billion 15 120 10 8.6 Billion 80 77% 16% Increase Increase 5 Amount in Billion Kwacha Amount in Billion Kwacha 40 2019 2020 2019 2020 0 0 Corporate Social Responsibility Return on Equity 26% 59% K331.7 Million 54% Share Price Non Interest Income 45% 29% K14.45 K28.4 Billion Total Assets Non-performing Loans Ratio 30% 29% K235 Billion 1.03% Loan Book 40% Basic Earnings per Share (tambala) 203 Tambala K79.3 Billion FDH BANK PLC ANNUAL REPORT 2020 5 FDH BANK PLC ANNUAL REPORT 2020 6 Board of Directors C h a i r p e r s o n Mrs. Charity Mseka Master of Science in Strategic Business Management Member of the Chartered Institute of Management Accountants (CIMA) D D D i i r r e i e r e c c c t t o t o o r r r Dr. Thomson F. Mpinganjira Dr. Nathan Mpinganjira Dr. Eric James Sankhulani Fellow of the Association of Chartered Doctor of Business Administration Doctor of Philosophy Certified Accountants (FCCA) Fellow of the Association of Chartered Certified Accountants (FCCA) D D D i i r r i e e r e c c c t t o t o o r r r Mr. Mark Mikwamba Mr. Patrice Nkhono, SC Mrs. Judith Chirwa Chartered Financial Analyst (CFA) Master of Laws (LLM) in International Master of Arts in Strategic Development Law Management D D D i r i i r r e e e c c c t t t o o o r r r Mrs. Edith Jiya Mrs. Gertrude L. Hiwa, SC Mr. Ben Botolo Master of Science in Strategic Master of Laws in Legislative Drafting Master of Arts in Economics Management FDH BANK PLC ANNUAL REPORT 2020 7 D D D i i i r r r e e e c c c t t t o o o r r r Mr. William Mpinganjira Dr. Ellias Ngalande Mr. George Chitera Master of Business Administration Doctor of Philosophy in Economics Master of Business Administration Fellow of the Association of Chartered Master of Political Economy Fellow of the Association of Chartered Certified Accountants (FCCA) Certified Accountants (FCCA) Chartered Banker (UK) D D D i i i r r r e e e c c c t t t o o o r r r Dr. Ulemu Katunga Mr. Harold Kuchande Mr. Arthur Oginga Doctor of Philosophy in Business Master of Science in Human Resources Certified Public Accountant (CPA) Administration Management Fellow of the Association of Chartered Certified Accountants (FCCA) Com pa n y S e c r e t a r y Mr. Juliano G. Kanyongolo Bachelor of Laws (Hons) FDH BANK PLC ANNUAL REPORT 2020 8 Executive Management Dr. Ellias Ngalande Managing Director Doctor of Philosophy in Economics Master of Political Economy Mr. George Chitera Mr. Richard Chipezaani* Mr. Chrispin Chikwama Deputy Managing Director Head of Finance Head of Human Resources Master of Business Administration, Fellow of the Association of Chartered Bachelor of Arts in Public Fellow of the Association of Chartered Certified Accountants (FCCA) Administration Certified Accountants (FCCA) Mr. Jones Chabwera Mr. Juliano G. Kanyongolo Mrs. Mwiza Madanitsa Head of Credit Head of Legal and Company Secretary Head of Operations and Administration Fellow of the Association of Chartered Bachelor of Laws (Hons) Member of the Association of Certified Accountants (FCCA) Chartered Certified Accountants (ACCA) FDH BANK PLC ANNUAL REPORT 2020 9 Mr. Kawawa Msapato Mrs. Victoria T. Mbewe Mr. Ganizani Phiri Head of Personal and Business Banking Head of Digital Financial Services Head of Information Technology Master of Science in Strategic Master of Business Administration Master of Science in Information Management Technology Ms. Patricia M. Hamisi* Mr. Levie Nkunika Mr. Arthur Yapuwa Head of Global Markets and Trade Finance Head of Marketing and Communication Head of Risk and Compliance Master of Business Administration Master of Business Administration Fellow of the Association of Chartered Chartered Banker (UK) Marketing Certified Accountants (FCCA) Mrs. Mary Nkando Jussab Mr. Allans Nkhoma** Mrs. Esnat Chilije Suleman* Head of Corporate and Institutional Head of Internal Audit Head of Treasury and Investment Banking Master of Development Finance Banking Bachelor of Social Science in Economics Fellow of the Association of Chartered Chartered Financial Analyst (CFA) Certified Accountants (FCCA) *Appointment effective 1st January 2021. **Appointment effective 1st March 2021.
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