The Merchant Bank of Central Africa, which says it sticks to principles of openness, integrity and accountability and conducts its affairs with care and in good faith, safeguarding its stakeholders’ interests, had something to smile about last year when its net profit increased six-fold from $2.4 billion to $14.4 billion.
Net interest income shot up from $1.4 billion to $11.8 billion while fees and commission increased from $3.3 billion to $14 billion and dealing profits rose from $421 million to $2.5 billion.
Operating income increased from $5.2 billion to $28.7 billion. Its balance sheet grew from $10.7 billion to $59.9 billion.
Though it says the current monetary policy and the return to economic fundamentals will usher a new era of economic upturn, it says the current downward pressure on interest margins, shortage of foreign currency and reduced arbitrage opportunities might negatively affect the operations of financial institutions.