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First Capital Bank Operating Income Surges By $1.4 Billion

First Capital Bank Operating Income Surges By $1.4 Billion

Leading financial services provider, First Capital Bank (FCB) has seen operating income surging by $1.4 billion on the back of increased loans and transactional income.

The bank’s company secretary, Sarudzayi Binha said sound financial strides were made during the second and third quarters period. Presenting a trading update covering the second and third quarters, Binha said:

The Bank’s year to date inflation-adjusted operating income increased by $1.4 billion from the second quarter to $3.7 billion in the third quarter whilst in historical terms, the increase was $1.4 billion to $3.6 billion.

In inflation-adjusted terms, year to date operating expenses increased by $1billion to $2.6 billion while in historic cost terms, the increase was $692 million to $1.9 billion.

Year to date operating profit excluding investment property gains and tax increased by $814 million to $1.5 billion in inflation-adjusted terms whilst in historic cost it increased by $674 million to $1.6 billion.

During the period, profit after tax was $393 million and $1.3 billion in historical terms.

The growth was attributed to both increase in loans and transaction income realised during the reporting period.

Customer deposits grew by $2.8 billion to $12.6 billion driven by growth from local and foreign currency depositors with foreign currency constituting 46 % of the total deposits.

Loans grew by $1.3 billion to $6.1 billion and the loans book continued to perform well with non-performing loans at 0.19 % of the loan book.

More: NewZimbabwe

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