FMBcapital Holdings Plc profit up by 67%

FMBcapital Holdings (FMBCH), the holding company for First Capital Bank operations, has reported a half-year profit after tax of US$42 million (about K47 billion) which is up by 67% from the same period last year.

The company disclosed this on Monday during an investor round-table.

According to FMBCH, the results at the end of June 2023 followed an already impressive full-year performance in 2022 which yielded a profit after tax of US$ 61.2 million, showcasing significant growth in financial performance.

The Group reported a half-year profit after tax of US$42 million, which is up by 67% from the same period last year (2022 interim profit after tax:US$25 million).

Speaking after the event FMBCH Group Chief Executive Officer Jaco Viljoen hailed the investors for attending the meeting.

“It is very important to meet with our shareholders to discuss the business environment, our growth amidst challenging macro-economic conditions and the Group’s strategic plans.

“We also wish to share our continued commitment to service excellence. This is supported by strategic investments into our people, as well as into technology, which have been integral to our growth so far,” said Viljoen.

Viljoen added that the Group will continue to pursue its strategic priorities by driving long-term, sustainable performance and growth and the priorities include deepening First Capital’s brand equity with existing and new customers, increasing the active customer base, and developing their people.

he further reported that combined customer base grew from 555,016 to 585,966, bringing in over 30,000 new clients in the first half of the year and he attributed the growth of the customers base to the partnership with FCB Nyasa Big Bullets.

“What’s good in Malawi is that we have branches, we have nine branches, our bank’s brand is stronger and also the partnership that we have done with FCB Nyasa Big Bullets has helped us to get that awareness again in the market. We have also been pushing our staff hard on the ground and we have also changed account opening process, customers can now open an account within 20 minutes,” he added.

The company further report that over the six months to 30 June 2023, net interest income for the half year is up 25% and total non-interest income is up 28%, resulting in total operating income of US$121 million (over K123 billion) a growth of 28% period on period, while loans and advances to customers are up 12% at period end, closing at US$700 million (over K790 billlion)

On his part Minority Shareholders Association of Listed Companies Frank Harawa hailed FMBCH for the meeting.

“It is important for the company to have meetings with its shareholders. This help the shareholders to understand what their company is fairing on the market and its my plea that these meetings will be happening frequently,” said Hara.

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