The FMBCapital Holdings Plc (FMBCH) group announced a net profit of 46.8 million dollars (2.96 billion meticals) in the first half of 2024, representing an increase of 11 per cent compared to the same period in 2023.
According to a statement received by Diário Económico, the growth of operations in Mozambique stood out, with the country contributing 11.81 million dollars (746.39 million meticals), surpassing the 8.93 million dollars (564.38 million meticals) recorded in 2023.
‘The financial institution, which is facing a challenging global economic environment, also reported a 6 per cent increase in banking income, reaching 128 million dollars.
Customer deposits grew 8 percent, surpassing the 1.23 billion mark, while loans and advances to customers rose 4 percent, totalling 729 million dollars,’ the document reads.
‘Our strategy remains focussed on growth, with a continued drive to become a significant regional bank,’ said Terence Davidson, chairman of the group, commenting on the results. According to Davidson, the diversification of the portfolio of banking solutions has been crucial to the good financial results.
The statement also said that the performance of the subsidiaries was also positive, with Mozambique maintaining strong growth in profits. Botswana contributed 25.8% of the group’s net profit, totalling 12.8 million dollars, a significant increase on the 7.65 million dollars recorded in the first half of 2023.
Malawi, meanwhile, despite the economic challenges, achieved a net profit of 9.76 million dollars, compared to 16.33 million dollars the previous year. Zimbabwe recorded a remarkable 69 per cent increase in net profit, reaching 11.51 million dollars, while Zambia’s performance remained stable.
‘Our efforts to improve customer focus, invest in technology and maintain good governance are evident,’ said Jaco Viljoen, managing director of the FMBCH group. For his part, the group’s CFO, Mythri Sambasivan-George, added that ‘sound governance and risk management are pillars of our supervisory process, ensuring that the allocation of capital, liquidity and other resources is optimised.’
In addition, the Board of Directors approved an interim dividend of 5.16 million dollars, corresponding to 0.21 cents per share, with payment scheduled for 9 October 2024. This announcement reflects the group’s commitment to maintaining a progressive dividend policy in line with its sustainable growth objectives.
