A statement of summary audited consolidated and separate financial statements published by First Capital Bank plc (FCB) have shown that the bank’s profit for 2023 reached K28.99 billion, representing a 59 percent increase from K18.27 billion reported in 2022.
According to the statement, the bank’s net interest income grew by 46 percent mainly due to growth in loans and advances.
“Non-interest income grew by 84 percent to K36.9 billion mainly driven by growth in transactional income and gains on listed securities. The bank’s cost to income ratio for the year dropped from 52 percent in 2022 to 48 percent in 2023. Management implemented robust cost containment measures in the wake of the high inflationary pressures and cost increases due to the depreciation of the Kwacha,” the statement reads.
FCB Chief Executive Officer Agness Jazza said the El Niño impact on agricultural production will have a negative impact on the country’s GDP growth, which may affect business in 2024.
“On the positive side, the International Monetary Fund’s Extended Credit Facility (ECF) programme should unlock foreign budgetary support and provide additional foreign exchange inflows into the country.
“Overall, the operating environment shall continue to be very uncertain. The bank will continue to monitor and modify its strategies regularly to navigate through the expected challenging economic environment,” Jazza said.
