FBC Profits After Tax Up 21%
FBC Holdings Limited’s profit after tax for the full year ended December 2016 went up by 21% to $21,9 million due to an increase in net interest income during the period under review. The Group managed to give back to shareholders in a tough operating atmosphere.
“A final dividend of 0,2976 US cents per share was proposed. This makes a total dividend of 0,52026 US cents per share, together with the interim dividend of 0,2235 US cents per share which was paid in September 2016.The total dividend paid for the year 2016 amounts to $3,5 million, an increase of 75 percent compared to 2015,” FBC chairman Herbert Nkala said.
The group banking division, FBC Bank Limited (FBC Bank), recorded a 23 percent net income increase from $38,5 million in the previous year to $47,7 million.
FBC Bank also noted development in the quality of its book, with non-performing loans declining from 7,9 percent in the preceding year to 4,3 percent as a result of cautious lending.
FBC Bank Chief Executive, John Mushayavanhu said “The bank’s lending portfolio marginally declined by 3 percent from $208,9 million to $202,3 million as it continues to pursue a cautious lending approach with asset quality being key priority”.
FBC Building Society registered a surplus of $15,6 million for the 12 months compared to US$12,9 million recorded last year. The core capital stood at $41,3 million above the minimum capital requirement by RBZ.