FMBCH delivers strong FY23 performance
STAFF WRITER
FMB Capital Holdings (FMBCH) posted a strong performance in the 12 months to December 31, 2024, notwithstanding diverse economic conditions in southern Africa, Business Times can report.
In the period under review, FMBCH, which has operations in Zimbabwe, Botswana, Malawi, Mozambique and Zambia, achieved a 25% increase in total net income.
Locally, the group operates through its subsidiary, First Capital Bank Zimbabwe.
The group maintained a net interest margin of 15% across average advances, money market instruments and other financial assets. Non-funded income jumped 39% to US$115m, contributing 46% of the group’s operating income, which rose to US$251m.
Profit for the group increased by 29% to US$78.7m in the period under review from US$61,19m, achieved in the previous year.
The increase was attributed to a strong performance by its subsidiaries. Earnings per share rose to 2.14US cents, a 31% increase from 2022. Total assets for the group stood at US$1.5bn
The group remains well-capitalised across its geographies, supported by strong capital and liquidity risk management frameworks.
The group’s success, according to group chairman Terence Davidson, is a result of the strong governance frameworks and strategic clarity instilled throughout the entire organization.
“Our success in 2023 is a testament to the robust governance frameworks and strategic clarity we have instilled throughout the organisation.
Upholding strong compliance and ethical standards remains paramount as we continue to enhance shareholder value and operational integrity.”
FMBCH Group managing director, Jaco Viljoen said: “Our performance reflects the dedication and skill of our people, who have been instrumental in executing our strategy.”
“We are committed to fostering a culture of service excellence, ensuring that we not only achieve our growth targets but also strengthen our market position and brand equity.”
