FBC delivers solid performance
FAITH MADZINGA
Listed financial services group, FBC Holdings Limited posted a 78% profit increase in the year to December 31, 2021 to ZWL$4,3bn from ZWL$2,4bn reported in the prior comparative period on the back of improved revenue growth across all income streams.
Net interest income increased 86% to ZWL$5,1bn in the period under review from ZWL$2,7bn in 2020.
Fees and commission income surged to ZWL$3,4bn from ZWL$2bn aided by the group’s digitalised infrastructure that supported increased volume of transactions by customers..
Net earned insurance premium was up 31% to ZWL$1,8bn from ZWL$1,4bn recorded in 2020 because of demand and revaluation of insured risks.
An increased number of units sold resulted in a great increase of gross profit on property sales rise to ZWL$260,5m in the reviewed period from ZWL$7,7m reported in 2020.
The group’s cost to income ratio not adding monetary loss moved to 58% in 2021 from 64% in 2020.
Total administration costs increased 24% ZWL$9bn from ZWL $7,2bn reported in the prior year due to inflationary pressures experienced throughout 2021.
Owing to the inflation adjusting components, insurance claims went up 21% while insurance commission expense significantly went down 38%.
Total assets for the group grew 22% to ZWL$63,3bn from ZWL$52,1bn recorded during 2020.
The group’s loan book grew 10% to ZWL$23,5bn from ZWL$21,4bn.
FBC invested more than ZWL$20m in corporate social responsibility initiatives in education, health, sports, arts and tourism.
