MSB pre-tax profit up 205%
JUNE/22/2009

Malawi Savings Bank (MSB) says its profit before tax for 2008 has jumped to K429.6 million up from K141 million recorded in 2007 representing an increase of 204.7 percent. In its consolidated financial statement published yesterday and signed by Chairman Radson Mwadiwa and Director Leonnard Chikadya, MSB indicates an after tax profit of K311.77 million representing a 173 percent increase. "In our continuation efforts, the bank has witnessed remarkable improvement in its financial performance for the year ended 31st December 2008....Our asset base has increased by 131.6 percent from K5.7 billion in December 2007 to K13.2 billion in December 2008," reads part of the statement.

The bank further indicates that its deposit portfolio went up by 122.9 percent from K4.8 billion to K10.7 billion during the period under review. "The increase in deposit base has led to a corresponding increase in the lending book which has grown by 146.7 percent from K3 billion to K7.4 billion resulting in an interest income of Kl.l billion (2007:K477.1 million)," the bank says. The two bank heads attributed the overall growth to increased business transactions from the continued support, and confidence from customers in MSB.

On future prospects the bank says 2009 is likely to be another exciting year saying, it is committed to its strategy of delivering modern and convenient services including products to clients. "We have planned to upgrade our banking system and will continue with the relocation of our agencies to more spacious and conducive premises with the view of serving our customers better," part the statement reads. The results were audited by KPMG. MSB is 100 percent owned by the Malawi government.

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