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First Capital Bank’s Grew by 74% to €18M in 2023

First Capital Bank’s Grew by 74% to €18M in 2023

First Capital Bank’s profit grew 74% compared to 2023 to 1.2 billion meticals (18 million euros), according to the report and accounts consulted this Friday, 3 May, by Lusa.

‘This increase was accompanied by operating income, which has continued its trend of significant and sustained growth since 2018, rising from 1.7 billion meticals (25.5 million euros) in 2022 to 2.8 billion meticals (42.4 million euros) in 2023, representing an increase of around 66 per cent.’

First Capital Bank

According to the bank’s financial statements, the net profit for 2022 was over 705.6 million meticals (10.3 million euros). The financial institution also approved the application of 30 per cent of the 2023 profits in legal reserves, 10 per cent in retained earnings and 60 per cent, equivalent to almost 736 million meticals (10.8 million euros), as dividends to shareholders.

‘The bank’s equity has been positively influenced by the consistency of the results achieved in recent years. In 2023, for the first time in its history, the bank paid dividends to its shareholders.’

First Capital Bank

Last year, the return on the institution’s average equity was 43.26%, compared to 35.6% in 2022, ‘which reflects the improved efficiency of the use of these resources’.

First Capital Bank began operating in Mozambique in July 2013, when it took over the operations of International Comercial Bank. It is owned by FMB Capital Holindgs, a financial services holding company based in Mauritius, which operates commercial banks in Botswana, Malawi, Zambia and Zimbabwe in addition to Mozambique.

The financial institution ended 2023 with 172 employees, up 15 per cent in the space of a year, and five branches, for a total of 14,650 clients, in this case a drop of 7.93 per cent on the previous year.

First Capital Bank’s total assets stood at 18.1 billion meticals (265 million euros) on 31 December 2023 – including 6.5 billion meticals (95.7 million euros) in loans and advances to customers – an increase of 43.2% in one year, while total liabilities also grew, to 14.8 billion meticals (217.8 million euros), namely 10.9 billion meticals (160 million euros) in deposits, and equity increased to 3.2 billion meticals (47.2 million euros).

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