Figures in a financial statement for MyBucks Banking Corporation have shown a 79% profit from K0.85 billion to  K1.46 billion in the year ending December 31 2019.

The profit after tax increase, according to the bank’s board Chairperson, Francis Pelekamoyo and Chief Executive Officer, Zandile Shaba, is attributed to a 40% increase in interest income year on year and a significant improvement in credit risk management that resulted in 66% reduction in impairments.

Looking forward, the bank says it will diversify its revenue base and will continue to focus on cost management. Also according to the statement, the bank has assessed possible shocks of Covid-19 and the bank will perform and survive regardless.

Last year, MyBucks Banking Corporation acquired 100% stakes in Nedbank Malawi, counting as the second full acquisition in one year since NFB in April 2019.