First Capital of Zimbabwe Posts Robust Results

(3 Minutes Read)

Despite these pressures, First Capital Bank on-boarded more than 70,000 new customers in 2024, with digital platform adoption reaching 80 per cent — a sign of strong traction in its digital transformation strategy.

First Capital Bank has posted robust financial results for the year ended December 31, 2024, highlighted by a 150 per cent surge in its loan book, signalling a deliberate pivot towards bolstering key economic sectors through increased lending and a strong digital push.

In a statement accompanying the full-year results, chief executive officer Tafara Mushoriwa said the bank had expanded its lines of credit to USD 50 million, targeting strategic sectors such as manufacturing, mining, tourism, and agriculture.

The expansion of the loan book helped propel the bank’s net operating income up by 26 per cent to ZWG1.3 billion. This was attributed to increased customer activity and broader use of digital banking channels, even amid headwinds such as fee caps, local currency devaluation, and a dip in foreign currency trading volumes.

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Despite these pressures, First Capital Bank on-boarded more than 70,000 new customers in 2024, with digital platform adoption reaching 80 percent — a sign of strong traction in its digital transformation strategy.