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FBC records 59% growth in income to $6.3bn

DIVERSIFIED financial institution, FBC Holdings (FBCH) has, during the third quarter of 2020, witnessed improvements in the banking and insurance subsidiaries improving the pace of customer acquisition.

Speaking on the latest development Friday, the bank’s company secretary, Tichaona Mabeza said FBC Holdings Limited recorded a 59% growth in total income to $6.3 billion, compared to the same period last year. This, he said, was driven by a strong growth in net trading income and net interest income.

Administrative expenses for the period were up 33% to $3.2 billion on the back of a devaluation of the local currency. Group profit before tax increased eight fold to $2.7 billion.

The Group’s statement of financial position as at 30 September 2020 increased by 19% to $29.5 billion from the 31 December 2019 position of $24.8 billion.

Equity attributable to shareholders of the parent company increased by 52% to $6.1 billion from $4 billion as at 31 December 2019, supported by improved retained revenue reserves.

Going forward, Mabeza said the emergence of a second wave of Covid-19 pandemic in countries which are the major trading partners and source of tourists for the tourism sector will no doubt impact negatively on the recovery prospects for our economy.

“We nevertheless remain cautiously optimistic that normalcy will return, as we continue to activate, review and strengthen our Business Continuity and Disaster Recovery Plans,” he added. ■

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