• Tue. Jul 16th, 2024

FBC Holdings FY23 income seen at $406.61bn

ByEconomic Times

Apr 28, 2023

By ETimes

FBC Holdings’ total income will rise by 276% to $406.61 billion in FY23 from $108.15 billion in FY22 despite a challenging operating environment, IH Securities has said.

FY 2022 growth was underpinned by an increase in all major revenue streams.

Despite the local and global economic uncertainty, the outlook is still favorable, according to IH Securities.

This comes as the country has experienced increased foreign currency receipts, increased activity in the mining sector and high infrastructure investments.

A better agricultural season in 2022–2023 due to a favorable rainfall pattern is expected to support the economy’s 3.6% anticipated growth in 2023, stabilizing macroeconomic fundamentals.

“On this background, we are of the view that net fees and commission income will continue registering positive performance driven by anticipated increased economic activity,” IH Securities said.

FBC Holdings has also been investing heavily in technology and innovation to improve service delivery and enhance the customer experience.

“We expect the Group to keep expanding its digitization initiative thus adding an extra boon to net fees and commission income line. The Group’s higher foreign currency lending portfolio proportion speaks to increased hard currency earnings reflecting real returns.”

The company has launched several digital platforms and mobile banking solutions to cater to the changing needs of its customers.

Net income is expected to register a 500% uptick to $130.76 billion from $40.05 billion – Harare

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