MAURITIUS based FMB Capital Holdings has singled out the prevailing economic stability as chief among the factors which enabled its Zimbabwean unit to produce the most impressive performance when compared to units in four other regional countries.
This comes after the launch of the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction system in June last year which eased both monthly and annual inflation while stabilising exchange rates which had been spiralling on both the formal and parallel markets.
In an update Friday, Mahendra Gursahani, Interim group managing Director for FMBCH commended the efforts being employed by monetary authorities in Harare.
“The performance of the Zimbabwe operations was the most impressive success story for the period.
“Improved economic stability in the country, coupled with our focused business growth interventions, saw the negative performance figures of 2019 which stood at US$29.5 million loss transforming into a profit of US$4.7 million in 2020,” he said.
The remarks come after the group’s subsidiary banks located in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe’s successful publishing of the 2020 financial performance.
Gursahani said the company’s financial performance in 2020 was robust with significant progress being made in growing and optimising the group’s operations.
Despite the challenges from the Covid-19 pandemic and flow on to a slowdown in economic activity, the financial institution remained not only open for business but continued with even greater resolve to offer and deliver new and innovative digital and customer service enhancements.
In the period under review, Net Interest for the group grew by 18% to US$65.7 million.
Non-Funded Income rose by 21% to US$61. 5 million from US$50.7 million in December 2019.
“We are making good strategic progress through disciplined emphasis on our Performance, People and Purpose priorities.
“Our expectations for the Group in 2021 are positive although we remain cautious of the Covid-19 pandemic which has caused economic uncertainty, not only in the markets that we operate in, but globally as well,” Gursahani said.
FMB Capital Holdings Plc provides banking and finance solutions through its operating subsidiaries in five Southern African Development Community.
The Group has a total asset base of over US$ 1.1 Billion, employs over 1500 staff and services the financial needs of over 800 000+ customers. – Newzim