FBC Holdings HY profit 21pct up to $8,2mln

FBC Holdings HY profit 21pct up to $8,2mln

HARARE, August 27 (The Source) – Listed financial services group FBC Holdings on Thursday says it registered $8,2 million after tax profit in the half-year to June, a 21 percent increase on the prior year, spurred by higher net interest income.

John Mushayavanhu, the group’s chief executive, told analysts that the group recorded total income of $39,9 million, virtually standstill as the group recorded $40 million in the same period last year.

“Net interest income at $14,9 million contributed 37 percent to total income. This was however 11 percent below the same period last year,” he said.

Fees and commission contributed 31 percent to total income with no real growth due to a downward revision in fees as the group moved towards e-channel transactions, which are high in volume and low in value.

Total assets currently stand at $381,7 million down from $393,9 million recorded prior period.

Loans disbursed during the period increased to $262,8 million from $250,3 million.

Deposits were $332,3 million down from $353 million while the non-performing loans ratio surged to 16,5 percent, similar to the market average, from 15,9  percent last year.

The Zimbabwe Stock Exchange-listed group declared an interim dividend of 0,149 cents.