{"id":96169,"date":"2024-07-05T07:27:27","date_gmt":"2024-07-05T05:27:27","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax"},"modified":"2024-07-05T12:02:00","modified_gmt":"2024-07-05T10:02:00","slug":"fmbch-posts-29-increase-in-profit-after-tax","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax","title":{"rendered":"FMBCH posts 29% increase in profit after tax"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>MAURITIAN-BASED firm FMBcapital Holdings (FMBCH) posted a 29% increase in profit after tax to US$78,7 million in the financial year ended December 31, 2023, owing to a strong performance by its subsidiaries.<\/p>\n

In the previous year, profit after tax was US$61,19 million.<\/p>\n

FMBCH has operations in Botswana, Malawi, Zambia, Mozambique and Zimbabwe. Locally, the group operates through its subsidiary, First Capital Bank Zimbabwe.<\/p>\n

In the period under review, FMBCH\u2019s Botswana unit achieved the highest return on equity in the local industry through diversified ventures while in Malawi the group\u2019s performance demonstrated a robust effort across various sectors.<\/p>\n

In Mozambique, the group excelled by leveraging opportunities in the energy and natural resources sectors while in Zambia the firm managed fiscal and liquidity challenges effectively, maintaining steady progress, it said.<\/p>\n

In Zimbabwe, the group said the listing of its unit on the Victoria Falls Stock Exchange allowed it to operate with a more stable currency resulting in no net monetary loss being recorded. This was from a net monetary loss of US$7,66 million in 2022.<\/p>\n

The group said its Zimbabwe unit ensured stability and strategic growth amid hyperinflation and regulatory changes.<\/p>\n

\u201cInvestments in digital banking platforms, including internet and mobile banking, coupled with a focus on consumer lending and relationship banking, have fuelled significant growth,\u201d FMBCH said.<\/p>\n

\u201cDespite a strong US$, the FMBCH group saw a 5% year-on-year increase in deposits and other liquidity sources. Customer loans and advances rose by 10% and income-yielding financial instruments grew by 5%.\u201d<\/p>\n

FMBCH managing director Jaco Viljoen said the group\u2019s performance reflected the dedication and skill of its workers, who had been instrumental in executing the company\u2019s strategy.<\/p>\n

\u201cWe 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,\u201d Viljoen said.<\/p>\n

FMBCH\u2019s customer loans and advances increased by 10% to US$716,4 million in the period under review from the prior year.<\/p>\n

Deposits, during the same period under review, rose by 5% exceeding US$1,09 billion realised in 2022.<\/p>\n

\u201cEnhanced transactional, trade and foreign exchange treasury services drove a 39% increase in non-funded income to US$115 million, contributing to 46% of the group\u2019s operating income, which rose to US$251 million,\u201d it said.<\/p>\n

\u201cOperating expenses increased by 28% to US$123 million, resulting in a cost-income ratio of 49% [2022:50%]. The cost of credit risk increased to 1,9% from 0,7%, a favourable metric relative to industry standards. These comprehensive efforts resulted in a 29% increase in post-tax consolidated profit to US$78,7 million.\u201d<\/p>\n

The group said it remained well-capitalised across the markets it operates in supported by strong capital and liquidity risk management frameworks.<\/p>\n

Total assets rose by nearly 10% to US$1,52 billion as of last year from 2022, driven by loans and advances to customers.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. MAURITIAN-BASED firm FMBcapital Holdings (FMBCH) posted a 29% increase in profit after tax to US$78,7 million in the financial year ended December 31, 2023, owing to a strong performance by its subsidiaries. In the previous year, profit after tax was US$61,19 million. FMBCH has operations in Botswana, Malawi, Zambia, Mozambique and Zimbabwe. […]<\/p>\n","protected":false},"author":84,"featured_media":96167,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,8],"tags":[19],"class_list":["post-96169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-zimbabwe"],"yoast_head":"\nFMBCH posts 29% increase in profit after tax - zimbabwe<\/title>\n<meta name=\"description\" content=\"MAURITIAN-BASED firm FMBcapital Holdings (FMBCH) posted a 29% increase in profit after tax to US$78,7 million in the fin ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FMBCH posts 29% increase in profit after tax\" \/>\n<meta property=\"og:description\" content=\"MAURITIAN-BASED firm FMBcapital Holdings (FMBCH) posted a 29% increase in profit after tax to US$78,7 million in the fin ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-05T05:27:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-05T10:02:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1720152717.13266.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"407\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FMBCH posts 29% increase in profit after tax\",\"datePublished\":\"2024-07-05T05:27:27+00:00\",\"dateModified\":\"2024-07-05T10:02:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax\"},\"wordCount\":468,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1720152717.13266.jpg\",\"keywords\":[\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fmbch-posts-29-increase-in-profit-after-tax\",\"name\":\"FMBCH posts 29% increase in profit after tax - 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