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FMBCH touts its year-end performance

 

FMB Capital Holdings Limited plc (FMBCH), the parent company of FMB, has registered a profit after tax of $34.8 million (about K25 billion) in the year ended December 2017 from the previous year’s $10.5 million (K7.3 billion) which company directors say is strong performance.

“The scale of the group’s operations has grown tremendously, principally as a result of the acquisition of a controlling interest in Barclays Bank of Zimbabwe Limited [BBZ] but also through the acquisition of Opportunity International Bank Malawi Limited [OIBM] and through organic growth across existing group operations,” reads part of the statement signed by Dheeraj Dikshit, the group’s managing director and John O’Neil, one of the directors.

Dikshit: Operations have grown

The statement said the group now has a much enhanced balance sheet with total assets increasing by over 150 percent from $452 million (K331 billion) to $1.1 billion (K806 billion).

The group says it will continue to consolidate its position on the stock market with its share price continually surging, making it the most valuable bank on the Malawi Stock Exchange (MSE).

FMBCH of Mauritius is listed on MSE and fully owns FMB, a  local commercial bank.

The group also has a controlling stake in BBZ Limited, listed bank on the Zimbabwe Stock Exchange (ZSE) and also controls other banks in Botswana (Capital Bank), Mozambique (Capital Bank) and Zambia (First Capital Bank). n

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