LIVINGSTONE MARUFU
FBC Holdings says it will complete the construction of 119 housing units at Fontaine Ridge in Kuwadzana by year-end, Business Times can report.
The development was confirmed by the lender’s company secretary, Tichaona Mabeza.
“Phase IA construction works were completed for 150 units and 119 units for Phase 1B are planned to be substantially completed by the end of the fourth quarter,” Mabeza said.
In its trading update for the quarter to September 30,2021, FBC Holdings reported total income of ZWL$9.1bn, due to growth in revenue streams, net fee and commission income, net interest and related income and investment income. Net earned insurance premiums growth was, however, curtailed by macro-economic imbalances.
The group recorded an inflation adjusted profit before tax of ZWL$2.99bn and an after tax profit of ZWL$2.04bn for the nine months ended September 302021.
Group total assets as at September 30 2021 stood at ZWL$$52.2bn representing a growth of 19% on the 31st December 2020 position.
Total equity attributable to shareholders of the parent company was ZWL$9.7bn representing a 41% growth on December 31 2020 inflation adjusted comparative.
Mabeza said the third quarter of 2021 brought about optimism of a strong economic rebound primarily premised on the positive impact of worldwide COVID-19 vaccination programmes.
“In spite of the relaxation on lockdown restrictions to level 2, the group has continued to observe Covid-19 protocols and guidelines to curtail the spread of the virus whilst stepping up integral business functions,” Mabeza said.
He said parallel market rate escalations have continued to threaten the local currency’s stability despite the recently availed IMF Special Drawings Rights of US$961m and this is expected to provide the much needed fiscal and monetary support to buttress economic performance.
The rebound in economic activity has seen the group business performance improve with most strategic business units achieving their respective financial targets. FBC mobile applications attained a Zero-rating status as part of the group’s digitalisation drive.
The development and the launch of a new contact number for the Digital assistant “NOKU” has led to the streamlining of the queries process to give customers the best and most efficient user experience on all our digital platforms.
In line with our refreshed philosophy, “#You Matter Most”, FBC Health Insurance launched competitively priced local, regional and international insurance packages.
These packages are cross cutting and will benefit customers from all walks of life who are part of the FBC Health family.
FBC’s business outlook remains optimistic, finding confidence in investments made towards the realisation of key national targets as well as the monetary policy stance being pursued by the Reserve Bank of Zimbabwe.
