FBC Q3 income jumps 59%


FBC Holdings Limited has reported a 59% increase in income for the third quarter (Q3) to September 30, 2020 to ZWL$6.3bn, boosted by a strong growth in net trading income and net interest income.

The lender’s administrative expenses for Q3 increased 33% to ZWL$3.2bn on the back of a devaluation of the local currency.

Profit for the group increased eight fold to ZWL$1.9bn.

Total assets increased 19% to ZWL$29.5bn during the period under review from ZWL24.8bn.

Equity attributable to shareholders of the parent company increased by 52% to ZWL$6.1bn from ZWL$4bn as at December 31, 2019, supported by improved retained revenue reserves.

The group said its commitment to enhancing customer experience gathered momentum in the period under review with a number of digital on-boarding capabilities introduced in its targeted niche markets.

“The group launched Noku, a smart Digital Assistant equipped with the capabilities to assist clients in accessing banking and insurance services on WhatsApp at any time of the day.

“FBCH also introduced a WhatsApp capability on YAKO, our digital insurance on boarding product which allows vehicle owners to purchase Third Party Motor Insurance instantly using a mobile device,” FBC company secretary Tichaona Mabeza said.

He noted that over the three months period, the above innovations resulted in banking and insurance subsidiaries improving the pace of customer acquisition.

In the outlook, the group remain cautiously optimistic that normalcy will return “as we continue to activate, review and strengthen our business continuity and disaster recovery plans”.

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