FBC Holdings delivered a strong set of financial results for the third quarter to September 30, 2024, demonstrating the group's resilience against various adversities.
The group's income totalled ZiG 4,9 billion, driven by robust net foreign currency dealing and trading income. Profit before tax came in at ZiG 2,1 billion, with a profit after tax of ZiG 1,9 billion. The Zimbabwe Stock Exchange (ZSE) listed banking group's operating expenses were tightly managed at ZiG 1,97 billion, yielding an impressive cost-to-income ratio of 40 percent.
As of September 30, 2024, total assets were valued at ZiG 17,3 billion, while shareholder funds amounted to ZiG 3,9 billion.
"The operating environment has been relatively stable since the introduction of Zimbabwe Gold (ZiG) in April 2024," said company secretary Tichaona Mabeza.
"Although the third quarter presented some exchange rate volatility and inflationary pressures, monetary policy interventions have been encouraging, creating an enabling environment for businesses to operate."
Mr Mabeza attributed FBC Holdings' strong performance to its diversified business model and disciplined cost management.
"Our diversified financial service clusters act as a cushion against market fluctuations and systemic downside risks.
"Additionally, our long-standing client relationships provide the stability and capacity needed to navigate economic turbulence," he said.
The domestic economy, however, continues to face some headwinds despite its resilience, with growth projections for 2024 pegged at 2 percent.
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This has stemmed from softer commodity prices, except gold, and the impact of the El Niño-induced drought that has significantly reduced agricultural output and affected hydropower generation.
Despite the prevailing challenges, Mr Mabeza expressed optimism about the group's future.
"Whilst the operating environment still faces macroeconomic challenges, FBC Holdings remains guardedly optimistic. Our robust business model, experienced management team, and diversified portfolio provide a strong foundation for navigating complexities and delivering sustainable long-term growth," he said.
The group remains focused on adapting to evolving economic conditions while maximising shareholder value.
"We are confident in our ability to adapt and implement proactive strategies that create value," Mr Mabeza added.
FBC Holdings' disciplined approach to cost management and its ability to capitalise on opportunities in the financial services sector position it for continued success in a challenging operating environment.
With stability in the exchange rate and inflation dynamics showing signs of improvement, the group is poised to maintain its growth trajectory, leveraging its strong asset base and strategic focus.
