FBC deposits jump 12,43pc

FBC Holdings achieved a 12,43 percent growth in deposits for the year to December 31, 2021, a significant milestone for the group given the difficult market conditions due to the negative impact of Covid-19.

The financial services group said deposits increased to $37 billion, but noted this was also mainly driven by translation of foreign currency denominated assets into Zimbabwe dollars.

The significant growth in deposits resulted in total group assets increasing to $63,3 billion, 22 percent ahead of $52,1 billion recorded during the prior comparable period.

The deposits were dominated by the financial services sector which contributed $12,2 billion, representing 33 percent of the total deposits during the period under review.

Mining, which contributes much of the country’s foreign currency, also contributed significantly to the group’s deposits, at $3,92 billion, while the public sector deposits came in at $3,7 billion.

Mining and individual depositors accounted for 11 percent and 10 percent, respectively, to the FBC Bank’s total deposits.

The only other sectors that contributed significantly to deposits were manufacturing and wholesale and retail, which contributed a combined 8 percent to total deposits.-The Herald