Zimbabwe: FMB Capital Group Posts U.S.$22,5 Million Profit

MAURITIUS headquartered, FMB Capital Holdings Plc (FMBCH) has realised a gross profit totalling US$22, 5 million in the financial year ended June 30 2021.

The group’s subsidiary banks operating in Botswana, Malawi, Mozambique, Zambia and Zimbabwe were all profitable in the first six months of the year despite the ongoing impact of Covid-19.

FMBCH group managing director, Mahendra Gursahani said before tax profits rose to US$22,5 million from US$20 million in the same period last year.

The group posted a combined profit after tax of US$13,1 million compared to US$14,3 million as of 30 June 2020.

“These results reflect FMBCH’s resilience and how well our teams and businesses have navigated the pandemic as we continue to serve our customers and deploy relevant and new products into our markets.

“Despite the regular disruptions to operations, the group’s businesses have successfully sustained uninterrupted banking operations ensuring that customers can access banking services safely whilst also protecting our staff and partners,” he said.

The group recorded growth in its Net Interest income to US$44,2 million compared to US$29,1 million in the same period last year.

Non-Funded Income rose to US$32,5 million from US$23,9 million in the first half of 2020 while total income improved to US$76,7 million from US$52,9 million whilst operating expenses increased to US$46,3 million from USD$35,9 million.

“Total Assets increased from US$1, 09 billion to US$1,22 billion. The Group also benefited from improved equity markets, with the market value of listed investments in Malawi and Zimbabwe increasing substantially in the first half of 2021,” Gursahani said.

The capital adequacy and liquidity ratios of all group banks comfortably meet the prescribed prudential minimum ratios in their respective territories giving the Group capacity to selectively grow its balance sheet.

Earnings per share for the period under review increased by 7% to US$0,3751 cents per share compared to US$0,3518 cents per share for the six months ended June 2020.

FMBCH indicated that it will, however, continue to exercise prudence in its balance sheet management across the territories where it operates, leading with a focus on generating sustainable customer deposits.

“As a result of the positive half year performance for the group, FMBCH Directors have resolved to pay an interim dividend of US$ 1,966,600 representing 0.08 cents (USD) per share during October 2021. This is good news as no dividend was paid during the same period last year,” added Gursahani.


Source link : https://allafrica.com/stories/202110040221.html

Author : New Zimbabwe

Publish date : 2021-10-04 08:52:00

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