FBC Statement of Financial Position 11pc Up
FBC Holdings Limited statement of financial position increased by 11 percent on the back of increased deposits, according the group’s half year ending 30 June 2017 results.
According to the half year ending 30 June 2017 results, FBC’s financial position firmed by 11 percent to US$677 million from the 31 December 2016 position of US$610 million.
Group chairman, Herbert Nkala said FBC’s total equity attributable to shareholders of the parent company also increased as a result of retained revenue reserves for the period.
“The Group’s total equity attributable to shareholders of the parent company increased by 6% to US$131 million from US$124 million as at 31 December 2016 as a result of retained revenue reserves for the period.
“This translated to a half year end tangible net asset value of 20.48 US cents per ordinary share, up 7% from 19.2 US cents as at 31 December 2016. A dividend payment of US$1.9 million was effected from the revenue reserves in April 2017,” said Nkala.
According to Nkala, all FBC business units recorded positive performances resulting in a US$9, 6 million profit after tax and a 15% annualized return on capital.
“The group also recorded a profit before tax of US$11.9 million and a profit after tax of US$9.6 million on total revenues of US$45 million and an annualized return on equity of 15% on a capital base of US$131 million.
“Therefore all our six businesses recorded positive performances,” he said.
Nkala said total revenues for FBC decreased by 4% to US$45 million from US$47 million for the same period last year, largely impacted by the Central Bank directive to cap interest rates and transactional charges to prescribed lower levels with effect from 1 April 2017, the softening of the market in the micro-finance segment due to heightened competition and reduced demand for insurance products.
Meanwhile, Nkala said an interim dividend of 0.2235 cents per share was proposed for the half year ended 30 June 2017.