Table of Contents
Key Points
- Thom Mpinganjira’s FDH Bank stake hits $1.12 billion, making him Malawi’s richest man and surpassing rival financier Hitesh Anadkat.
- FDH Bank shares surge 365%, lifting its market value to $2 billion and cementing its spot among Malawi’s top firms.
- The bank posts $715.6 million in assets, with profit after tax up 108% and $20.25 million in dividends paid to shareholders.
Thom Mpinganjira, the Malawian banker and entrepreneur who built one of the country’s most formidable financial institutions from the ground up, has reached a milestone no Malawian before him has achieved: a billion-dollar stake in a publicly traded company.
His indirect holdings in Blantyre-based FDH Bank Plc have surged to a market value of over $1.1 billion, cementing his position as Malawi’s richest man and placing him ahead of Indian-Malawian financier Hitesh Anadkat, the majority shareholder of FMB Capital. The rise marks a defining moment for both Mpinganjira’s career and Malawi’s financial markets.
Thom Mpinganjira’s FDH Bank stake hits $1.12 billion
According to recent market data tracked by Billionaires.Africa, the value of Mpinganjira’s indirect stake in FDH Bank has soared by MWK1.52 trillion ($877.7 million) since the start of the year, climbing from MWK416.6 billion ($240.5 million) on Jan. 1 to MWK1.94 trillion ($1.12 billion) at the time of drafting this report.
The surge is driven by a strong rally in the bank’s shares on the Malawi Stock Exchange, which have soared 365 percent so far this year—from MWK148.23 ($0.085) in January to MWK689.28 ($0.397) per share. That jump has lifted FDH Bank’s market capitalization to MWK3.44 trillion ($2 billion), placing it among the top three most valuable companies in Malawi.
Mpinganjira’s stake in the lender is held through M Development, his investment firm, which owns 55 percent of FDH Financial Holdings—the parent company of FDH Bank. FDH Financial Holdings in turn holds 74.05 percent of the bank, giving Mpinganjira indirect control of more than 2.81 billion shares, equal to a 40.73 percent stake. This ownership structure not only cements his role at the heart of the bank but also explains the size of his latest windfall.
FDH Bank’s assets top $715 million
Behind the sharp rise in FDH Bank’s valuation is a standout performance in 2024. By year’s end, customer deposits had nearly doubled, climbing 99 percent to MWK883 billion. Gross earnings were up 90 percent to MWK195 billion, while profit after tax more than doubled—up 108 percent to MWK74 billion.
Shareholders were rewarded with dividends totaling MWK35.1 billion ($20.25 million), further cementing the bank’s reputation for delivering strong returns. On the balance sheet, total assets surged to MWK1.24 trillion ($715.6 million), and retained earnings grew to MWK66.3 billion ($38.27 million), signaling sustained growth potential.
Thom Mpinganjira’s two-decade banking legacy
Founded in April 2002 under the umbrella of FDH Financial Holdings, FDH Bank has evolved into one of Malawi’s leading financial services groups, with interests spanning banking, discount house operations, investment management, and advisory services. From its base in Blantyre, the bank has steadily expanded its footprint and influence in Malawi’s economy, becoming a pillar of the country’s capital markets.
For Mpinganjira, this $1.1 billion milestone is more than a financial triumph, it is a testament to over two decades of building and steering a homegrown institution to national prominence. In doing so, he has not only reshaped his personal fortunes but also elevated FDH Bank into a corporate powerhouse capable of competing at the very top of Malawi’s business landscape.
