FBC Holdings Reports Strong Financial Performance in 2024
ZIMBABWE Stock Exchange-listed FBC Holdings has announced that the Group’s financial position remained robust, with the statement of financial position strengthening by 33 percent to ZWG19.57 billion.
The growth was supported by an increase in loans and advances, alongside the acquisition of the former Standard Chartered Bank Zimbabwe, now known as FBC Crown Bank.
In its audited results for the year ended December 31, Group Chairman Mr Herbert Nkala highlighted that shareholders’ funds rose by 48 percent to ZWG4.56 billion, driven by higher retained earnings.
The bank also confirmed that all subsidiaries remained adequately capitalised, in line with economic and regulatory capital standards.
Despite the rapid economic, structural, and monetary changes that characterised 2024, Mr Nkala noted that FBC Holdings delivered a strong financial performance, showcasing resilience and adaptability.
“The Group achieved an inflation-adjusted profit before tax of ZWG2.01 billion, a 15 percent increase from ZWG1.75 billion in the prior year.
” Profit after tax also grew by 15 percent to ZWG1.63 billion on inflation-adjusted terms. This performance was driven by growth in lending activities, higher transaction volumes and successful investment initiatives, underscoring the Group’s ability to capitalise on market opportunities,” said Mr Nkala.
The Group’s total income increased by 31 percent, rising to ZWG7.23 billion from ZWG5.52 billion in the previous year, driven by strong revenue streams.
Net interest income saw a significant 38 percent rise, reaching ZWG1.43 billion, supported by a 26 percent increase in loans and advances, which rose to ZWG8.73 billion.
-chronile
