FCB posts US$23m 2024 after tax profit
FIRST Capital Bank Zimbabwe (FCB) recorded US$23 million profit after tax (PAT) for the year to December 2024, as the group continues to consolidate its market position through innovation and a commitment to sustainable growth.
The banking group said it remained profitable and maintained operational momentum, despite challenging macroeconomic conditions.
Key highlights include a net interest income of US$166,5 million and balance sheet expansion to over US$2 billion, driven by a 38 percent surge in customer deposits.
While lending growth was cautious, the group strategically redirected funds to money market instruments, which increased by 115 percent to US$470,9 million.
Additionally, FCB welcomed over 70 000 new customers, predominantly embracing digital banking channels, given the rising demand for convenient, technology-driven banking solutions.
FCB Zimbabwe chief executive officer, Mr Tapera Mushoriwa, said the bank would continue to prioritise investments that build a foundation for robust governance, to drive long-term stability and value creation.
“We are grateful to key stakeholders for their continued trust. The evolving operating environment and rebounding GDP (gross domestic product) present both challenges and opportunities. Our business realignment has positioned the bank to harness these opportunities while managing risks.
“Going forward, we remain focused on investing in our brand, technology, people, and client-centric solutions, underpinned by strong governance to ensure long-term stability and value creation,” said Mr Mushoriwa.
FCB Zimbabwe chairman Patrick Devenish said the group was dedicated to integrating sustainability into the heart of its business operations.
“Sustainability is not just a compliance requirement, it is a strategic driver. At First Capital Bank, we recognise that long-term success is built on responsible financing, environmental stewardship, and inclusive economic participation.
“With the Victoria Falls Stock Exchange now mandating ESG integration in reporting from January 2024, we are committed to embedding sustainability into our core business practices,” said Mr Devenish.
FCB continues to focus on innovation, digitalisation, and sustainability will remain pivotal in driving the group’s future growth and success.
Cedar Capital, which is also a unit of the Mauritius-based FMBcapital Holdings, CEO Armstrong Kamphoni said Zimbabwe remained a crucial contributor to the group’s success, driving strategic transformation and growth.
“Profitability has hit the $100 million mark, and these results once again underscore FMBCH’s status as a hard currency hedge.
“While Malawi’s profit was up modestly in dollar terms, Botswana and Mozambique delivered standout performances and Zimbabwe remains a key part of that success as it continues its strategic transformation,” said Mr Kamphoni.
Speaking from the group level perspective, FMBCH chairman Terence Davidson reaffirmed the strategy going forward, saying the group will pursue strategic market share growth and explore expansion opportunities that support the group’s long-term ambitions.
“We will continue to pursue prudent market share growth across all our markets while remaining open to expansion opportunities that align with our long-term growth ambitions,” he said.-herald
