FMBcapital Holdings Plc (FMBCH), a financial services group that operates as First Capital Bank across Botswana, Malawi, Mozambique, Zambia and Zimbabwe, has reported strong financial results for the year ended 31 December 2025. The Group’s performance reflects consistent execution of its regional strategy and the strength of its diversified banking model.
Commenting on the results, Group Managing Director Jaco Viljoen said: “Our 2025 performance reflects consistent execution and the benefits of a regional strategy that is now clearly delivering. We have built a more diversified and resilient business, supported by strong teams in each of our markets.”
The Group recorded a 47% increase in profit after tax, reaching USD 152.3 million, with a return on equity (ROE) of 42%. Total operating income rose by 39% to USD 385.5 million. Customer deposits grew by 23% to USD 1.86 billion, while customer advances increased by 17% to USD 905.6 million. Total assets also grew by 23%, reaching USD 2.54 billion.
Efficiency and asset quality indicators also improved, with the cost-to-income ratio improving to 36% and the credit loss ratio declining to 0.51%. The Board also proposed a dividend distribution totaling USD 34.5 million, equivalent to 1.40 US cents per share.
This performance was achieved in a challenging operating environment, characterized by currency volatility, high interest rates and liquidity constraints across several markets in the region. Nevertheless, the Group’s presence across multiple countries, combined with experienced local teams, enabled an effective response to these challenges, while maintaining focus on supporting customers and driving sustainable business growth.
During the period, the Group continued to expand its lending and deposit base, while strengthening revenues from core banking activities such as transactions, foreign exchange and customer services. This progress demonstrates the development of a more balanced, resilient and diversified income base.
In Mozambique, First Capital Bank reported profit after tax equivalent to USD 31.7 million, representing a 21% increase compared to the previous year, reinforcing its position as a significant contributor to the Group, accounting for 21% of total profit. With an 80% shareholding held by the Group, the results generated in Mozambique have a direct and meaningful impact on FMBCH’s consolidated performance.
Commenting on the performance in the country, the Chief Executive Officer of First Capital Bank Mozambique, João Rodrigues, said: “These results reinforce our strong ability to adapt to a volatile environment, enabling us to respond with agility to constantly evolving market dynamics. We reaffirm our ongoing commitment to supporting our customers in a challenging macroeconomic environment, while remaining focused on a sustainable growth strategy that ensures the strength and excellence of our services.”
In line with its long-term vision, the Group continued to invest in human capital, as well as in its systems and digital platforms, with a focus on enhancing customer experience and strengthening operational resilience. Despite the increase in costs associated with this investment, overall performance reflects a disciplined approach to growth.
Jaco Viljoen added: “At the same time, we are mindful of the risks on the horizon, including macroeconomic pressures and market volatility across the region. Our focus remains on staying disciplined, managing risk carefully, and continuing to support our customers through these conditions. We enter 2026 with good momentum, underpinned by a strong balance sheet, improving technology platforms, and committed teams. This positions us well to continue helping our customers grow, while building sustainable value over time.”
Despite the ongoing challenges shaping the economic environment, the Group is well positioned for the future, benefiting from a diversified business model, continued investment in technology and strong local execution capabilities.
The 2025 performance demonstrates that a disciplined and regionally diversified banking model, supported by capable teams and continuous investment, can deliver consistent growth while maintaining resilience in the face of uncertainty.
