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Key Points
- Under Noel Mkulichi, FDH Bank’s market capitalization skyrocketed from under $70 million to $1.25 billion, becoming a top Malawian bank.
- FDH Bank’s total income jumped 168.95% to $44.54 million in H1 2024, while profit after tax soared 220.85% to $16.11 million.
- FDH Bank’s asset base expanded 141.68% to $471.18 million, with record-breaking dividends of $16.19 million paid out in 2024.
Noel Mkulichi, a 61-year-old seasoned Malawian banker, has steered FDH Bank, a subsidiary of FDH Financial Holdings Limited, to remarkable success. Since assuming leadership in 2022, Mkulichi has steered the bank from a modest market capitalization below $70 million to MWK 2.17 trillion ($1.25 billion), making it one of Malawi’s most valuable financial institutions.
His strategic vision and deep banking expertise have driven the institution’s extraordinary growth in just three years of leadership—four years after FDH’s landmark listing on the Malawi Stock Exchange (MSE).
Mkulichi’s strategic leadership fuels FDH Bank’s growth
With over two decades of experience in financial regulation and banking, Mkulichi has shaped Malawi’s financial sector. Having previously served at the Reserve Bank of Malawi, his deep expertise in banking safety and strategic planning has positioned FDH Bank as a key pillar in Malawi’s economy, with a strong foundation for sustained growth.
Under Mkulichi’s leadership, FDH Bank has grown into a financial powerhouse from its initial public offer (IPO) in June 2020 into a billion-dollar financial institution on the Malawi Stock Exchange. In the first half of 2024, FDH Bank’s total income surged by 168.95 percent to MWK 77.26 billion ($44.54 million), up from MWK 28.73 billion ($16.56 million) in the same period of 2022, driven by strong growth in net interest income and a boom in international trade.
Meanwhile, profit after tax soared 220.85 percent, climbing from MWK 8.71 billion ($5.02 million) in 2022 to MWK 27.94 billion ($16.11 million) in H1 2024, underscoring the bank’s robust financial performance and strategic momentum.
A vision for long-term growth
The bank’s asset base has expanded by 141.68 percent, climbing from MWK338.14 billion ($194.93 million) in 2022 to MWK817.19 billion ($471.18 million) by mid-2024. For investors, this growth has translated into real returns.
In 2024 alone, FDH Bank paid out a record-breaking MWK28.09 billion ($16.19 million) in dividends, solidifying its position as a major player in Malawi’s economy. As the bank continues to expand its fintech and regional footprint, investors and stakeholders are watching closely to see how Mkulichi will navigate the next phase of its evolution.
