Headlining the bank’s FY20 solid performance was a 30% growth in deposits to MWK315bln. The growth in customer balances exceeded the 21% registered by the entire banking sector, which closed FY20 at MWK1.4trn. The cost of these deposits for SBM was 2%pa, unchanged from the prior yearresulting in a debit in the income statement of MWK5bln in interest expenses.
