Madison finance has a recorded an impressive revenue momentum, recording a jump of 48% in operating incomes. The company posted operating income for the year ended 31 December 2018 of K104 million (about US$8.7 million), up from 2017 levels of K70 million (about US$5.8 million).
In a security note made available to the Zambian Business Times – ZBT, Madison Finance recorded a profit after tax of K21.5million in 2018 compared to a profit of K1.8 million recorded as at 31 December 2017. T
The Company’s increased profit after tax was mainly attributable to an increase in disbursements in the period coupled with the direct cost containment.
Interest income YTD of K124.3million is above budget by 18% while the Interest expense YTD of 68.5 million is below budget by 7.0%.
The loans and advances to customers grew by 22% and was the major asset growth driver while customers’ deposits grew by 65% with an improvement in the portfolio mix between corporate and personal deposits.
The total assets and liabilities grew by 20% during the year 2018 and the loan book was the main driver while the liabilities’ growth was mainly driven by the deposits from customers.
In its outlook for 2019, Madison Finance expects its performance to remain strong. This will be on the back of expected continued strong loan disbursement performance, Operational costs containment and competitive pricing of liabilities to maintain the direct costs within budget levels
