FCB (Malawi) drives FMB Capital Holdings revenue

First Capital Bank remains the leading performer of FMB Capital Holdings –with the Malawi business contributing 39 percent of group profit.

The consolidated financial statements show a group profit of $42 million of which $16.3 million or K17.8 billion is from FCB Malawi.

The Malawi Stock Exchange listed group operate in six countries namely; Botswana, Malawi, Mauritius, Mozambique, Zambia and Zimbabwe as First Capital Bank.

“Interim results to June 2023 were bolstered by equity investment gains in Malawi and high trading margins in Malawi, Mozambique and Zimbabwe, which the Board is of the view may not recur on the scale seen in the interim period under review.

“As a result of the above factors, the Board’s assessment of near-term performance is that the FMBCH Group’s second half of 2023 is unlikely to exceed the first half in growth and profitability,” reads the results.

Trailing Malawi, performance wise, is Mozambique at $8.9 million followed by Botswana at $7.6 million with Zambia slightly dropping from $5 million $4.5 million.

The Zimbabwe business saw significant improvement in the review period –posting $6.8 million from $1.2 million last year while Mauritius continues posting losses –now at $2.1 million dollars from $30,000.

Recently, First Capital Bank Malawi has appointed Agness Jaza as its first female Chief Executive Officer.