(3 Minutes Read)
First Capital Bank Zimbabwe (FCB) posted a profit after tax (PAT) of USD 23 million for the financial year ending December 2024. The bank continues to solidify its presence in the local financial services industry through innovation, digital transformation, and a focus on sustainable development, despite navigating a complex macroeconomic environment.
FCB maintained profitability and operational resilience during the year under review. A notable highlight was the net interest income of USD 166.5 million, underscoring the bank’s robust revenue-generating capabilities. The bank’s balance sheet grew to over USD 2 billion, supported primarily by a 38% surge in customer deposits. This influx of deposits reflects rising customer confidence and the success of FCB’s outreach and product strategies.
Although the bank adopted a conservative stance on loan growth, it tactically allocated resources toward money market instruments, which saw a 115% increase to reach USD 470.9 million. This strategy provided both liquidity management and income diversification benefits.
FCB’s commitment to embracing technology yielded significant results in customer acquisition. The bank added over 70,000 new clients, the majority of whom opted for digital banking platforms, in line with the growing demand for seamless and tech-enabled banking experiences. This digital-first approach is a key component of the bank’s strategic roadmap.
CEO Tapera Mushoriwa emphasised that the bank’s ongoing business transformation is built on a foundation of good governance, risk management, and stakeholder engagement. He acknowledged the resilience required to navigate Zimbabwe’s dynamic economic environment and highlighted the bank’s readiness to leverage opportunities presented by the country’s GDP rebound.
FMBCH chairman Terence Davidson reaffirmed the group’s strategy of market share expansion and strategic growth, expressing a commitment to prudent yet ambitious development across its regional operations.“We aim to grow our market share across all countries while staying open to expansion opportunities that align with our long-term vision,” Davidson added.
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FCB is poised to continue its upward trajectory by focusing on innovation, technology integration, and sustainable finance. These pillars will be central to driving future performance, enhancing stakeholder value, and positioning the bank as a leader in Zimbabwe’s evolving banking landscape.
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