First Merchant Bank
First Merchant Bank (FMB) is the judges’ choice again this year after finishing 2002 with by far the best performance in Malawi.
The bank, which caters to medium to large sized businesses and wealthy individuals, last year boosted net profit by 63.9% and achieved an ROE of more than 100%. There were also strong gains in assets and Tier 1 capital.
FMB also has consolidated its strong position in the local market by acquiring Malawi’s oldest leasing company and establishing corporate finance and asset management divisions. The leasing company, which offers financial and operating leases, insurance premium financing and factoring, is now fully integrated and makes up a significant share of FMB’s total profit. FMB’s new corporate finance division, moreover, obtained its first IPO mandate not long after its creation last year.
On the technology front, where the bank has pioneered internet banking, FMB linked itself with the country’s central bank to improve the speed and efficiency of its electronic payments.
“We continue to enjoy the highest growth rate in the Malawi banking sector and our customer base now includes the majority of the country’s blue chip corporates. This, we believe, is a testament to our professionalism, innovation and personalised customers service,” said KN Chaturvedi, FMB’s chief executive.
