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File photo: First Capital Bank Mozambique
The profits of First Capital Bank, one of the commercial banks in Mozambique, grew by 74% compared to 2023, to 1,225 million meticais (€18 million), according to the report and accounts seen by Lusa on Friday.
“This increase was accompanied by banking income, which has maintained a trend of significant and sustained growth since 2018, rising from 1,749 million meticais [€25.5 million] in 2022 to 2,899 million meticais [€42.4 million] in 2023, which represents an increase of around 66%,” reads the report and accounts.
According to the bank’s financial statements, the net profit for 2022 was more than 705.6 million meticais (€10.3 million).
The bank also approved applying 30% of the 2023 profits to legal reserves, 10% to retained earnings and 60%, equivalent to almost 736 million meticais (10€.8 million), as dividends to shareholders.
“The bank’s equity has been positively influenced by the consistency of the results achieved by the bank in recent years. In 2023, for the first time in its history, the bank paid dividends to its shareholders,” reads the report.
In 2023, the bank’s return on average equity was 43.26%, compared to 35.6% in 2022, “which reflects improved efficiency in the use” of these resources, the report notes.
First Capital Bank began operating in Mozambique in July 2013, when it took over the operations of International Comercial Bank and is owned by FMB Capital Holindgs, based in Mauritius, as well as other foreign shareholders.
The First Capital Bank group is a financial services holding company based in Mauritius that operates commercial banks in Botswana, Malawi, Zambia and Zimbabwe in addition to Mozambique.
The bank ended 2023 with 172 employees, up by 15% in the space of a year, and five branches, for a total of 14,650 clients, in this case a drop of 7.93% on the previous year.
First Capital Bank’s total assets stood at 18,107 million meticais (€265 million) on 31 December 2023 – including 6,541 million meticais (€95.7 million) in loans and advances to customers – an increase of 43.2% in one year, while total liabilities also grew, to 14,880 million meticais (€217 million).
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