FBC Holdings Limited’s total income rose 37 percent to $17,9 billion for the year to December 31, 2021 primarily on the back of improved revenue growth across all income streams, with the exception of net foreign currency dealing and trading income which experienced a decline.
Net interest income increased by 86 percent to $5 billion on the back of increased lending and an improved interest margin, while net fee and commission income was up 71 percent to $3,4 billion, aided by the group’s digitalised infrastructure that supported increased volume of transactions by customers.
“Net earned insurance premium was up 31 percent to $1.8 billion from $1,4 billion recorded in 2020 on the back of increased demand and revaluation of insured risks. Gross profit on property sales significantly increased from $7,7 million to $260,5 million in 2021 in
line with an increased number of units sold,” John Mushayavanhu, the group’s chief executive said in a statement accompanying their financial results.
The net gain from financial assets at fair value increased by 113 percent to $2,4 billion, driven primarily by the quality of the group’s portfolio holding and market repricing. Other income which is mainly comprised of fair value adjustment on investment property, increased to ZWL1.7 billion from $318 million, buoyed by increased investment in the portfolio and the repricing of the investment property portfolio in the ZWL functional currency.