By Chisomo Phiri
BLANTYRE-(MaraviPost)-Centenary Bank Limited has reported a remarkable surge in profit, more than tripling to K1.92 billion in 2024 from K549 million in the previous year.
According to the bank’s audited financial results, the growth was largely fueled by a significant increase in customer deposits, which rose by 50% to K135.2 billion from K90.4 billion.
It says the growth was achieved despite challenges posed by economic pressures and increased impairments from existing facilities.
The bank’s management notes that the tough economic environment has negatively impacted loan performance, resulting in increased impairment charges from K1.9 billion to K3.2 billion.
However, the bank’s assets grew by 37% to K168 billion in 2024 from K123 billion the previous year, driven primarily by increased customer deposits following improved confidence stemming from the change in shareholding.
The bank’s leadership has attributed the growth to strategic efforts to enhance business volumes and reduce costs despite economic challenges.
With a network of 16 branches nationwide, Centenary Bank is a subsidiary of the Catholic Archdiocese of Lilongwe and Centenary Rural Development Group of Uganda.