FMB Holding posts K10.5 billion profit in first half

FMB Holding posts K10.5 billion profit in first half

Post was last updated: August 17, 2020

FMB Capital Holdings plc (FMBCH) has registered a profit after tax of $14.29 million (about K10.5 billion) in the six months period ended June 30, 2020, a published financial statement has shown.

This represents a 181 percent growth when compared to the $5.1 million (about K3.8 billion) posted in the same period last year.

The statement further shows that during the period under review, the company’s net interest grew by five percent to $29.06 million while non-funded income rose by 20 percent to $23.90 million from $19.95 million in June 2019.

Its assets also increased by 15 percent from $950 million to $1.1 billion.

“The group has witnessed stellar performance from its Botswana subsidiary owing to increased transactional volumes, a growing customer base and a significant foreign currency income.

“FMBCH’s Zimbabwe business which had a difficult 2019 owing to exchange rate challenges in that market, also performed well above expectation while businesses in Malawi, Mozambique and Zambia have remained profitable,” reads the statement in part.

FMBCH Group Managing Director, Dheeraj Dikshit, said the group is encouraged by these results which are in line with the holding company’s 2020 financial and strategic goals.

“I would like to largely thank the extraordinary efforts of all our people who delivered a resilient first half performance in the face of challenging economic environments. Disciplined execution and fast innovation in the face of a crisis contributed to improved organic growth and profitability.

“When the Covid-19 pandemic became more pronounced in the earlier months of 2020, the group’s priority was to ensure the safety of our colleagues, customers, suppliers, partners, and the local communities in which we work in,” Dikshit said.

He added that the group has shown agility in adapting to the crisis with customers embracing the bank’s digital channels.

The group indicated that it is poised to end the year in a strong position following a number of initiatives that have been implemented across it markets.

FMB Capital Holdings Plc provides banking and finance solutions through its operating subsidiaries in five Southern African Development Community (SADC) markets – Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

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