FBC records US$8,2m profit

John Mashayavanhu

FBC Holdings chief executive officer John Mushayavanhu

FBC Holdings registered US$8,2 million after tax profit in the half-year to June 2015, a 21 percent increase from the same period last year.
The financial service group declared an interim dividend of 0,149 cents.
FBC Holdings chief executive officer John Mushayavanhu said the group recorded total income of US$39,9 million, virtually standstill as the group recorded US$40 million in the same period last year.
“Net interest income at US$14,9 million contributed 37 percent to total income. This was however, 11 percent below the same period last year,” he said.
Total assets currently stand at US$381,7 million down from US$393,9 million recorded prior period.
Loans disbursed during the period increased to US$262,8 million from US$250,3 million.
Deposits were US$332,3 million down from US$353 million while the non-performing loans ratio surged to 16,5 percent, similar to the market average, from 15,9 percent last year.
Fees and commission contributed 31 percent to total income with no real growth due to a downward revision in fees as the group moved towards e-channel transactions, which are high in volume and low in value.