FMB Capital Holdings plc (FMBCH), the parent company of First Capital Bank, has posted an after tax profit of $14.29 million (about K11 billion) in the half-year ended June 30 2020, representing the profit rise of 181 percent.
Managing director for FMBCH, Dheeraj Dikshit, confirmed that during the period under review, net interest income for the group grew by five percent to $29.06 million (about K22 billion) while non-funded income rose by 20 percent to $23.90 million (about K17 billion) from $19.95 million (about K15 billion) in June 2019.
Total income grew by 11 percent to $52.96 million (about K40 billion) while operating expenses increased by one percent to $35.99 million (about K27 billion).
The group’s total assets during the period jumped by 15 percent from $950 million (about K713 billion) to $1.1 billion (K825 billion).
Dikshit says “discipline execution and fast innovation” in the face of Covid-19, contributed to “improved organic growth and profitability.”
He said the results are in line with the holding company’s 2020 financial and strategic goals.
The Malawi Stock Exchange listed FMBCH has subsidiary banks in Botswana, Mozambique, Zambia and Zimbabwe.
The company said in Zimbabwe, business had a difficult 2019 “owing to exchange rate challenges in the market” but performed well above expectation.
While businesses in Malawi, Mozambique and Zambia “have remained profitable.”