Mozambique: First Capital Bank H1 net profit more than doubles

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Mozambique: First Capital Bank H1 net profit more than doubles

10:06 CAT | 10 Aug 2023

File photo: First Capital Bank

The first-half net profit of First Capital Bank, a commercial bank in Mozambique, more than doubled from a year earlier, to 570.2 million meticais(€8.1 million), according to financial statements consulted on Tuesday by Lusa.

According to data from the statements made available by the bank, its net profit for the first half of 2022 had been just over 240.1 million meticais (€3.4 million euros), meaning that this year there was an increase of 137.5%.

On 30 June this year, First Capital Bank’s total assets stood at more than 15.079 billion meticais (€214.5 million), against 12.645 billion meticais (€180 million) at the end of 2022, while total liabilities increased to 12.116 billion meticais (€172.2 million), including 10.647 billion meticais (€151.3 million) in customer deposits.

First Capital Bank began operations in Mozambique in July 2013, when it took over the operations of International Comercial Bank. It is owned by foreign shareholders, notably Mauritius-based FMB Capital Holdings – part of the First Capital Bank group, a Mauritius-based financial services holding company that also operates commercial banks in Botswana, Malawi, Zambia and Zimbabwe.

According to data from the Bank of Mozambique, there are 15 commercial banks and 12 microbanks operating in the country, in addition to credit cooperatives and savings and credit organisations, among others.

Source: Lusa