FIRST Capital Bank (FCB) Zimbabwe contributed US$23 million in profit after tax (PAT) for the year ending December 31, 2024, to its parent company, FMBCapital Holdings Plc (FMBCH).
FMBCH is a financial services holding company based in Mauritius, which has several banking operations in southern Africa, including Zimbabwe.
Across the group, FMBCH recorded US$103,5 million in PAT, a 13% year-on-year increase, with four subsidiaries — Zimbabwe, Botswana, Malawi and Mozambique — each posting profits over US$20 million.
This performance underscores the effectiveness of FMBCH’s diversified regional strategy.
“Profitability has hit the US$100 million mark, and these results once again underscore FMBCH’s status as a hard currency hedge,” Cedar Capital (Cedar) chief executive officer (CEO) Armstrong Kamphoni said in a statement.
“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.”
Cedar is a Malawi-based firm that offers stockbroking, corporate advisory, research and personal investment advice services.
FMBCH results showed strong fundamentals as net interest income rose to US$166,5 million, while the balance sheet grew to over US$2 billion, supported by a 38% increase in customer deposits.
- FCB Zim contributes US$23m PAT to group in FY24
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Lending was approached cautiously, with more funds redirected to money market instruments — up 115% to US$470,9 million.
The group also welcomed over 70 000 new customers, with the majority adopting digital channels, reflecting the growing demand for accessible, tech-enabled banking.
“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,” FCB Zimbabwe CEO Tapera Mushoriwa said.
“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.”
Despite macroeconomic headwinds — FCB Zimbabwe maintained profitability and operational momentum.
The paper understands that the bank is strengthening its market position through continued innovation and a focus on sustainable growth.
At the group level, FMBCH chairman Terence Davidson reaffirmed the strategy going forward.
“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.
As FMBCH builds on its momentum, FCB Zimbabwe committed to innovation, digitalisation, and sustainability continues to play a critical role in shaping the group’s future.
