Pure Simango, Staff Writer 
FBC Holdings Limited (FBC) says a rebound in economic activity resulted in improved performance during the quarter ended September 30, 2021, leading to the financial institution realising $9,1 billion in total income.
The financial services provider said increased funding pressure for the provision of industrial raw imports was anchored by economic recovery following the government’s decision to relax the Covid-19-induced lockdown.
“The rebound in economic activity has seen group business performance improve, with most strategic business units achieving their respective financial targets,” FBC company secretary Tichaona Mabeza said in a recent trading update.
The financial institution said the $9,1 billion income was anchored by a marked growth in net fee and commission income, net interest and related income, as well as investment income.
Mabeza said net earned insurance premiums growth was, however, curtailed by macro-economic imbalances.
The bank also raised concerns over the parallel rate escalations, saying the surges “have continued to threaten the local currency’s stability despite the recently availed International Monetary Fund Special Drawing Rights”.
“This however, is expected to provide the much-needed fiscal and monetary support to buttress economic performance,” Mabeza said.
FBC recorded a before tax profit of $2,9 billion, while profit after the levies amounted to $2,04 billion during the quarter ended September 30, 2021, a decline from $3,56 billion recorded in prior period.
FBC recorded a 19 percent growth in group total assets to $52,2 billion during the quarter, while total equity attributed to shareholders was $9,7 billion during the review period.
On the outlook, FBC expressed optimism, saying it finds confidence in investments made towards realisation of national targets as well as the monetary policy stance being pursued.
FBC said the phased construction activities by FBC Building Society are also in progress at the Fontaine Bridge, Kuwadzana project, with road formation works currently underway at Phase 1B.
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