First Capital Bank posts 2024 half year report

First Capital Bank (FCB) has posted its financial results for the first half of 2024.

For the six months ending June 30, 2024, the bank recorded a profit after tax of US$4.08 million, despite currency volatility and trading challenges.

FCB’s parent company, FMBcapital Holdings plc, reported a profit after tax of US$46.8 million during the same period, achieving a 12-month rolling return on average equity of 36 percent.

In a statement released in Lusaka on Thursday, Terence Davidson, Group Chairman, stated that the group’s strategy focused on growth, aiming to establish FCB as a significant regional bank with a diverse portfolio of corporate, business and consumer banking solutions, supported by relevant treasury activities.

“Our performance reflects a healthy and growing brand. Our efforts to enhance customer centricity, invest in technology and people, and maintain strong governance are evident,” said Jaco Viljoen, FMBCapital Holdings Group Managing Director.

Viljoen reaffirmed the group’s commitment to providing superior client experiences, building sustainable solutions, and investing in digital capabilities to support continued business growth.

FMBcapital Holdings’ subsidiaries have also performed positively, contributing to the group’s success.

Botswana contributed 25.8 percent to the group’s profit after tax with US$12.08 million, Malawi achieved US$9.76 million in profit despite economic challenges, and Mozambique reported a profit after tax of US$11.81 million.

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Zimbabwe showed remarkable growth with a 69 percent increase, reaching a profit after tax of US$11.51 million.

Viljoen highlighted that these results underscored the group’s robust governance and strategic capabilities, with FMBcapital Holdings remaining well-capitalized across its markets.

Mythri Sambasivan-George, FMBcapital Holdings Group Chief Financial Officer, commented on the group’s risk management and financial strategy, stating, “Strong governance and enterprise risk management were central to our oversight process, ensuring optimal capital, liquidity and resource allocation.”

She noted that this approach to liquidity and performance management had enabled the group to achieve continued balance sheet growth and improved margins.

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