FMBCH upbeat, assures of continued growth
FMB Capital Holdings (FMBCH) plc, the holding company for First Capital Bank operations in Africa, has expressed optimism on registering continued growth buoyed by it’s innovative strategies.
In the year ended December 31 2022, the Malawi Stock Exchange-listed bank posted a 51 percent rise in after-tax profit to $61.2 million (about K62.6 billion) on account of growth income accretive assets and profits across its footprints.
FMBCH group managing director Jaco Viljoen told the firm’s 7th Annual General Meeting in Blantyre on Monday that the bank will continue to grow its business despite the financial sector risks.
He said: “For us as a bank, the big benefit we have is that we are a broad-based bank which is not only in one country, but several others as well. Other than that, our customer base is wide and we are not just specialised in one area, but several others which has helped us to withstand shocks and grow.
“We also have in place sound strategies that are helping the group grow. From that angle, we don’t see major risks affecting us especially with our policies in place.”
Viljoen also said the aspiration of the bank, which has grown through acquisitions in the last five year, is to consolidate the gains and grow the existing entities.
He assured shareholders and customers that are paying attention to the emerging risks in the global banking crisis.
On his part, Minority Shareholders Association of Malawi general secretary Frank Harawa expressed satisfaction with the performance of the bank, saying hopes are high the continued good performance will provide more value to shareholders.
“As shareholders, we are proud to be associated with this company, which has shown potential over the years. It’s share price has gone up, which has subsequently increased our earnings. We are now waiting for the six months results that also promise to be even better,” he said.
FMBCH has 2.65 billion shares in issue and its share price traded at K218.86 by close of Business on Wednesday this week.
Over the years, the group acquired banks in adjacent Southern African Development Community countries and currently operates in four other countries, including Botswana, Mozambique, Zambia and Zimbabwe.
