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FMB Holdings posts $21.3 million profit

First Capital Bank

FMB capital Holdings plc (FMBCH) has posted a $21.3 million post-tax-profit for the year ended December 2020, up from an $18.6 million loss in 2019.

The group’s combined net profit-before-tax stood at $35.5 million, according to a statement accompanying the firm’s financial report.

“The company’s financial performance in 2020 was robust as we made significant progress in growing and optimising our group’s operations.

“Despite the challenges from the Covid pandemic…, we remained not only open for business but continued with even greater resolve to offer and deliver new and innovative digital and customer service enhancements” reads the statement signed by FMBCH Interim Group Managing Director Mahendra Gursahani.

In the period under review, net interest for the group grew by 18 percent to $65.7 million.

Non-funded income rose by 21 percent to $61.5 million from $50.7 million in December 2019.

Total Income improved by 19 percent to $127.3 million while Operating Expenses decreased by 7 percent to $79.7 million.

Total Assets increased by 2 percent, from $1.05 billion to $1.07 billion.

“We are making good strategic progress through disciplined emphasis on our Performance, People and Purpose priorities. We therefore look forward to executing at an encouraging pace and momentum as we optimise our cost structures, increase our liquidity, and strengthen our balance sheet, adding value to our Group and valued stakeholders,” Gursahani said.

The group’s subsidiary banks located in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe had a successful year with impressive organic growth due to the group’s business model, which is built on strong and sustainable performance.

In 2020, FMBCH celebrated its 25-year milestone in business after being granted the first private sector commercial banking licence in Malawi, opening the doors of the first branch on June 26 1995.

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