MSB announces Consolidated Financial Statements
MAY/10/2010

Malawi Savings Bank Limited has today 10th May 2010 announced its Consolidated Financial Statements for the year ended 31st December 2009. This follows a Board meeting that was held on Friday 7th May 2010. In the statement signed by the Chairperson Mr. J. Mwanamvekha and one of the Directors Dr. C. Mataya the board states that the Bank’s overall performance was encouraging, “In the year 2009, the Bank has achieved a consolidated pre-tax profits of MK865.5 million against MK429.6 million for the previous year (2008) representing a 101% increase. After tax profits of MK589.5 million has been achieved in 2009 compared to the previous year’s profits of MK311.8 million, representing 89% increase.

Our asset base has increased by 20.5% from MK13.2 billion in December 2008 to MK15.9 billion in December 2009. Relatively, the deposit portfolio of the Bank increased by 19% from MK10.7 billion for the previous year to MK12.7 billion during the year under review. Effectively, this led to a corresponding increase in the lending book by 32% to MK9.8 billion from MK7.4 billion for the previous year. Emanating from the previous year’s significant lending book position, plus this year’s increase, the Bank generated an interest income of MK2.1billion against MK1.1billion in the previous year.”

Please click here for a summary of the Consolidated Financial Statements

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