FMB Capital Holdings (FMBCH) lifted profit after tax by 18 percent year-on-year to US$86.3 million in the six months to 30 June 2026, driven by stronger consumer lending across its markets.
The Mauritius-based pan-African financial services group – which owns a controlling 52.49 percent stake in First Capital Bank Zimbabwe – also benefited from increased foreign exchange trading, transaction banking and trade finance activity.
Net interest income rose 22 percent to US$130.3 million, which the group linked to funding optimisation.
Non-interest income also climbed 22 percent to US$85.2 million.
FMBCH chairman, Terence Davidson, said the group would continue to expand its balance sheet while maintaining a selective approach to lending.
“Our focus remains on sustaining balance sheet growth, deepening deposit mobilisation, expanding lending selectively and scaling non-funded income,” Davidson said in a statement accompanying the half-year results.
Profit attributable to FMBCH shareholders increased 13 percent to US$61.4 million.
The group delivered the performance despite difficult economic conditions in some of its key markets, particularly Malawi and Mozambique, where high inflation and foreign currency pressures continue to affect businesses.
Davidson attributed the results to the group’s operating discipline.
“This reflects sustained business growth, disciplined risk management and continued operational efficiency across the group,” he said.
The group’s banking subsidiaries recorded solid earnings during the period. FCB Malawi generated US$37.7 million in profit, followed by FCB Mozambique at US$16.88 million, FCB Zimbabwe at US$16.44 million, FCB Botswana at US$16.07 million and FCB Zambia at US$7.58 million.
FCB Zimbabwe also strengthened its funding position as customer deposits grew 24% to US$249 million. The increase came as demand for banking and financial services continued to expand.
FCB Mauritius, however, recorded a US$8.33 million loss during the period.
Davidson said Malawi’s economic conditions had also affected the group’s reported numbers because the subsidiary’s results undergo translation into US dollars.
“The group’s reported results include a significant contribution from Malawi, where persistent inflation and foreign exchange constraints have impacted our USD-translated figures,” he said.
He added that FMBCH continued to follow regulatory requirements in preparing its financial statements, including the use of the official exchange rate and application of the Institute of Chartered Accountants in Malawi’s IAS 29 Directive.
The group said Malawi does not currently meet the classification of a hyperinflationary economy, although currency volatility and wider economic pressures could create differences between reported financial results and the underlying economic position.
Across the group, loans and advances to customers rose 24 percent to US$1.08 billion, reflecting increased borrowing demand from corporate, commercial and consumer banking customers.
FMBCH maintained credit quality during the period, with its credit loss ratio holding at 1.11 percent.
The group said the ratio reflected disciplined risk management and resilience within its loan book.
Customer deposits increased 18 percent to US$2.04 billion.
Current and savings accounts accounted for 67 percent of total deposits, up from 62 percent in 2025, giving the group a larger pool of relatively stable, low-cost funding.
Total assets expanded 18 percent to US$2.76 billion, while the cost-to-income ratio remained at a relatively contained 38 percent.
The group said the ratio reflected continued efforts to control costs and improve operational efficiency as it expands across its markets.