First Capital Bank (FCB) Zambia has been the biggest performer among all FMB Capital Holdings subsidiaries, contributing 30 percent to the company’s $61.2 million profit for the year ended December 31 2022.
This is according to the group’s 2022 financial statement unveiled to shareholders at its annual general meeting (AGM) held on Monday in Blantyre.
Zambia has been seconded by FCB in Malawi, which has contributed 29 percent to the profitability, while FCB Botswana was on third, having contributed 20 percent. FCB Zimbabwe comes fourth, contributing 19 percent.
Least performer among the group’s subsidiaries, which are spread across the Southern African Development Community region, is Mozambique, which has contributed 17 percent to the conglomerate’s profit.
Speaking after the AGM, FMB Capital Holdings Group Managing Director Jaco Viljoen attributed the performance to good tidings registered by the subsidiaries.
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“The [profit] growth is in dollars and most of the countries we trade in there have experienced depreciation of currencies, which means they have performed much better in local currency,” Viljoen said.
FMB Capital Holdings projects a slowdown in global economic growth in 2023 due to prolonged effects of the war in Ukraine and other geopolitical pressures, coupled with high inflation and rising interest rates.
Viljoen said amid the risks and threats, the group will continue registering positive results.
One of the shareholders, who is also Minority Shareholders Association of Listed Companies General Secretary Frank Harawa, hailed the group’s performance.
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“We are very excited. And because of the announcement of the dividend, share price moved and we are just waiting for the six months results, which are likely to be good and make the share price move up further,” Harawa said.
FMB Capital Holdings plc, which was founded in 2016, started its journey in 1995 as First Merchant Bank Limited.
