First Capital Bank drives US$23m profit tops US$10...

First Capital Bank drives US$23m profit tops US$100m

Zim Now Writer

First Capital Bank Zimbabwe contributed US$23 million in profit after tax to FMBcapital Holdings Plc’s record US$103.5 million group profit for the year ending December 2024, solidifying its position as a critical driver of the regional banking group’s growth.

FMBCH, which operates across five Southern African countries, posted a 13% increase in group profits from the prior year. Subsidiaries in Zimbabwe, Botswana, Malawi, and Mozambique each delivered profits exceeding US$20 million, underscoring the effectiveness of the group’s diversified regional model.

“Profitability has hit the US$100 million mark, and these results once again underscore FMBCH’s status as a hard currency hedge,” said Armstrong Kamphoni, CEO of Cedar Capital. “Zimbabwe remains a key part of that success as it continues its strategic transformation.”

The group reported net interest income of US$166.5 million, supported by a 38% surge in customer deposits that pushed its balance sheet beyond US$2 billion. Lending was handled conservatively, with a 115% increase in funds placed in money market instruments, totaling US$470.9 million. The bank also grew its customer base by over 70,000, most of whom opted for digital banking channels.

FCB Zimbabwe’s CEO Tapera Mushoriwa credited the bank’s performance to strategic realignment and stakeholder backing.

“The evolving operating environment and rebounding GDP present both challenges and opportunities,” said Mushoriwa. “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.”

Despite economic volatility, FCB Zimbabwe maintained profitability and continued to expand its market share through innovation and a sustainability-led approach.

Chairman Patrick Devenish said that sustainability is now central to business strategy, rather than a regulatory afterthought.

“Sustainability is not just a compliance requirement—it’s a strategic driver,” Devenish said, pointing to the Victoria Falls Stock Exchange’s new ESG reporting standards as a catalyst for deeper integration of sustainability into FCB Zimbabwe’s core operations.