FBC | FBC Holdings FY21 Earnings Update : Interest income sustains upward trend
Notwithstanding a challenging operating environment characterized by local economic challenges and the Covid-19 related headwinds, the Group’s financial performance was defensive, benefitting from improved performance by all its business subsidiaries. In historical terms, net interest income surged 264.88% from ZWL$1.15bn in FY20 to ZWL$4.22bn in the period under review, underpinned by increased lending and improved interest margin. The Group’s digitalized infrastructure effectuated an increase in volume of transactions by customers resulting in net fees and commission income registering a 224.40% uptick to ZWL$2.27bn in FY21 from ZWL$838.66mn recorded same comparable period prior year. Net earned insurance premium was up 170% to ZWL$1.26bn from ZWL$469.15mn recorded in FY20, on the back of increased demand and revaluation of insured risks. The Group registered positive revenue growth across all its income streams, with the exception on foreign currency dealing and trading income which declined from ZWL$3.15bn to ZWL$3.10bn.