The board of directors of the FMBcapital Holdings (FMBCH) group, which owns First Capital Bank, announced this Wednesday, 3 July, in a statement, the financial results for the year ending 31 December 2023.
According to the financial institution’s statement, the bank posted a net profit of 4.9 billion meticals (78.7 million dollars), an increase of 29 per cent compared to 2022. “The company’s operating income grew 31 per cent to 15.8 billion meticals (251.3 million dollars); loans and advances to customers increased 10 per cent to 45.2 billion meticals (716.4 million dollars); the ratio of non-performing loans went from 0.7 per cent in 2022 to 1.9 per cent in 2023; expected credit losses are among the lowest in the region, at 3.2 per cent (in 2022 they were 2.7 per cent) of the gross advances portfolio of 46.5 billion meticals (736.2 million dollars); and customer deposits increased by 5 per cent to over 68.8 billion meticals (1.09 billion dollars)”, the note reads.
First Capital Bank explains that despite the backdrop of diverse economic conditions in southern Africa, including fluctuating commodity prices and global geopolitical tensions, the institution recorded exceptional growth.
