Zimbabwe: First Capital Bank’s operating income up $ 1.4 billion

THE FIRST financial services provider, First Capital Bank (FCB) saw its operating income increase by $ 1.4 billion thanks to increased lending and transaction revenues.

Presenting a business update covering the bank’s general secretary, Sarudzayi Binha said solid financial progress has been made during the period.

“The Bank’s inflation-adjusted operating income to date increased from $ 1.4 billion from the second quarter to $ 3.7 billion in the third quarter when in historical terms the increase was $ 1.4 billion to $ 3.6 billion, ”she said. .

The growth was attributed to both the increase in loans and transaction income realized during the period under review.

“In inflation-adjusted terms, year-to-date operating expenses increased from $ 1 billion to $ 2.6 billion while in historical cost terms the increase was 692 million to $ 1.9 billion, ”she said.

Year-to-date operating profit excluding real estate gains and taxes increased from $ 814 million to $ 1.5 billion in inflation-adjusted terms, while in historical cost it increased by $ 674 million to $ 1.6 billion.

During the period, profit after tax was $ 393 million and $ 1.3 billion in historical terms.

Customer deposits increased $ 2.8 billion to $ 12.6 billion on the strength of depositors in local and foreign currencies, with foreign currencies constituting 46% of total deposits.

Loans increased by $ 1.3 billion to $ 6.1 billion and the loan portfolio continued to perform well with non-performing loans accounting for 0.19% of the loan portfolio.

First Capital Bank is affiliated with FMB capital Group, the Mauritius-based holding company, which owns a 38.6% stake in First Capital Bank, with the remaining shares held by local and international investors.

The First Capital Bank also has banking operations in Zimbabwe, Malawi, Zambia and Mozambique.