FBC profit surges to US$18,1m

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FBC Holdings Ltd said it lifted its after-tax profit to US$18,1 million in the full year (FY15) to December 2015 from US$5 million registered in the comparable period due to Turnall disposal and increase in net income.

The Source

The financial services group divested from Turnall in 2014 through a dividend in specie transaction.

CE John Mushayavanhu on Wednesday said FBC’s total net income registered a growth of 6% to US$81,9 million from US$77,4 million achieved last year.

“The group’s net interest income grew by 12% to US$36,6 million from US$32,8 million recorded last year and its contribution to total income increased to 45% from 42% last year. This was driven by growth in loans and advances, mortgages and financial assets held to maturity,” he said.

Mushayavanhu said the group’s flagship arm, FBC Bank, registered pre-tax profit of US$9,3 million in the year to December compared to US$2,2 million prior year.

The bank, which had a core capital of US$43,1 million in the period under review, saw its financial position increasing by one percent to US$382,7 million.

FBC Building Society registered a surplus of US$6,3 million for the 12 months compared to US$6,8 million recorded last year.

FBCH declared a US$2 million dividend for the year. — The Source

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