FDH Bank Plc achieves K1 trillion market capitalisation milestone on MSE

FDH Bank Plc Board chairperson Charity Mseka (c) flanked by Mkulichi (2nd left), Nkunika (left), Chitera (2nd right) and Richard Chipezaani during 2024 Investors Forum

* As Parliamentary Committee applauds the bank’s sustained commitment to corporate social responsibility

* Noting that its  initiatives target some of the most vulnerable and marginalised communities in the country

Maravi Express

Within four years of listing on the Malawi Stock Exchange (MSE), FDH Bank Plc has reached a significant milestone, achieving a market capitalisation of K1.03 trillion.

As of August 12, 2024, the bank’s share price stood at K149 — representing a remarkable growth rate of 1,390% from its initial public offering (IPO) price of K10 in 2020.

This achievement positions FDH Bank as the third counter on the MSE to attain a market capitalisation of over K1 trillion, among the 16 listed counters.

Commenting on this development, FDH Bank Head of Marketing & Communication, Levie Nkunika said: “We are pleased with this milestone, which underscores our commitment to delivering value to our stakeholders, particularly our investors.

“Our focus on providing innovative financial solutions through strategic investments in technology,  processes and our people has driven our growth and competitiveness. In addition, the Bank is future ready.”

Nkunika emphasised the bank’s dedication to exceptional customer service, strategic expansion, and sustainability initiatives, while expressing gratitude to investors and customers for their confidence in FDH Bank.

In its latest dividend declaration, the bank announced a first interim dividend of K13.043 billion, representing K1.89 million per share, following a reported profit after tax of K27.9 billion for the half-year ended June 2024.

As a leading digital bank, FDH continues to innovate and expand its services, including the recent introduction of Sharia-compliant banking and its expansion to Likoma Island — solidifying its position as the only commercial bank present in all districts of Malawi.

Meanwhile, led by FDH Financial Holdings Limited Chief Executive Officer (CEO), William Mpinganjira and FDH Bank Plc Managing Director, Noel Mkulichi, the bank hosted the Parliamentary Committee on Social & Community Affairs to an appreciation tour of the financial service provider’s corporate social responsibility activities under the ‘FDH Cares’ programme.

The Committee, led by its chairperson, Savel Kafwafwa first visited FDH head office in Blantyre before touring Barbara Mpinganjira Oncology High Dependecy Unit at Queen Elizabeth Central Hospital — supported by the Bank.

The Committee was also taken on a tour of houses built by with funding by FDH Bank for Cyclone Freddy survivors in Chiradzulu District and the Paediatric Intensive Care Unit at Malamulo Adventist Hospital that was refurbished by the bank.

CEO William Mpinganjira emphasised the Bank’s commitment to giving back to the community, unpacking that the bank has invested K6 billion in FDH Cares activities in the past five years and remains committed to giving back to the community, the environment, its people and the economy. 

“Through our FDH Cares initiative, we are dedicated to uplifting communities by addressing critical needs in healthcare, housing and other areas,” Mpinganjira assured the Parliamentarians.

“Our commitment remains steadfast in ensuring that our interventions have a lasting, positive impact on society.”

He added that the bank’s contributions have been particularly transformative in disaster-stricken areas as in Chiradzulu, FDH Bank funded the construction of nine houses for Cyclone Freddy survivors as well as providing much-needed shelter to those displaced by last year’s devastating floods.

Chiradzulu District Commissioner, Francis Matewere highlighted the significance of this support, describing it as a “huge relief to the stranded people from Mtauchira Village, T/A Likoswe, whose homes were swept away by floods”.

On his part, the Parliamentary Committee chairperson, Kafwafwa applauded the bank’s sustained commitment to CSR, noting that the initiatives target some of the most vulnerable and marginalised communities.

“FDH Bank’s investments in healthcare and disaster relief showcase the profound impact that corporate players can have when they prioritise social responsibility,” he said. “We urge other companies to take inspiration from FDH’s approach.”

In his remarks, Mpinganjira said the company was concerned with the situation of the cyclone’s survivors were in, hence the decision to build the houses while FDH Bank Managing Director, Nkulichi reaffirmed the institution’s dedication to CSR, noting that the projects are part of a long-term strategy.

As FDH Bank continues to expand its CSR footprint, the Parliamentary Committee’s visit underscored the crucial role that private sector investment plays in addressing Malawi’s social challenges.