By Burnett Munthali
CDH Investment Bank has recorded an impressive K23.5 billion profit after tax for the financial year ending December 31, 2024.
This figure represents a remarkable 111 percent increase in profit compared to the previous year.
The published summary of the bank’s audited financial report confirms the substantial growth in earnings.
The report has been endorsed by the bank’s Board Chairperson Franklin Kennedy, Managing Director Sydney Chikoti, and Chief Finance Officer Kelvin Mkulichi.
According to the report, the bank posted a K11.1 billion profit after tax in 2023.
This sharp rise in profits underscores the bank’s improved operational performance and strategic growth initiatives during the year under review.
During the same period, the bank’s total assets surged by 72 percent.
The assets grew from K311 billion in 2023 to an impressive K536 billion in 2024.
Additionally, customer deposits registered a 27 percent year-on-year increase.
Loans and advances issued by the bank also expanded by 28 percent, indicating robust lending activity and increased customer demand for credit facilities.
The bank’s investment funds recorded a growth of 161 percent.
Similarly, its financial assets rose by 160 percent, reflecting strengthened investment strategies.
Interest income doubled, registering a 100 percent growth compared to the previous year.
Non-interest income also grew significantly, increasing by 36 percent to reach K15.8 billion in 2024.
Despite the remarkable revenue growth, the report notes that operating expenses increased by 40 percent year-on-year.
However, this rise in expenses did not outpace income growth.
As a result, the bank’s cost-to-income ratio dropped from 43 percent in 2023 to 39 percent in 2024.
This improvement in efficiency indicates better cost management and enhanced profitability.
Overall, the bank’s performance in 2024 positions it as one of the top-performing financial institutions in the country.
With strong asset growth, increased customer confidence, and effective management strategies, CDH Investment Bank appears poised for continued expansion and success in the coming years.
