FBC Q3 income clocks $88,2bn

FINANCIAL services group, FBC Holdings Limited has posted impressive financial results in the third quarter ended 30 September 2022 after its income jumped to $88 billion in inflation adjusted terms from $35 billion in the comparable previous year.

In a trading update, group secretary, Mr Tichaona Mabeza, said net interest and related income accounted for 23 percent of the group’s total income at $20 billion after registering a growth of 94 percent from 2021.

“For the period ending 30 September 2022 the group recorded a commendable total income of $88.2 billion being 155 percent ahead of prior year’s reviewed figure of $34,6 billion,” he said.

“Net fees and commissions improved by 42 percent to 11 billion as earned insurance premiums improved by 25 percent for the comparative period.

“Other income comprising net trading and dealing income and fair value gains from the financial assets accounted for 59 percent of total income.

“The group has maintained a conservative approach to property sales in light of the medium-term inflation outlook,” said Mr Mabeza.

During the period FBC achieved a profit before tax of $14,8 billion and an after-tax position of $9.6 billion, an improvement of 30 percent and 23 percent respectively.

Mr Tichaona Mabeza

“As at 30 September 2022, the group’s total assets were $282 billion representing a growth of 39 percent from prior year’s reviewed figure of $202 billion,” he said. “Total equity attributable to shareholders of the parent company was $51,2 billion gaining 12 percent in the comparative period last year.”

Meanwhile, the group has said in the midst of a health, climate, food security and geopolitical crises, shareholders have acknowledged the need for strengthened and effective multilateral corporation to support sustainable economic development.

“FBC has adopted a climate positive agenda in an effort to align the organisation’s business operations to Zimbabwe’s sustainability targets and to build a climate resilient financial institution.”

The group has applauded the Government’s economic measures, which include the introduction of gold coins as a store of value, raising the interest rates (from 80 percent to 200 percent) and liberalising the forex market.

“The measures have stabilised the informal market speculation and have narrowed the informal market premium to below 35 percent as of September 2022.”

On the outlook, FBC said the group remains close to both the local and global economic developments as key determinants to the formulation of strategy, business continuity and risk management framework.-chronicle.c.zw