Basic Earnings Per Share rose 15 percent to US$1,41 per share
FBC Holdings reported a 13 percent increase in after tax profit of US$9,3 million in the six months to June, driven by a 36 percent growth in net interest income.
Net interest income at US$22,5 million contributed 48 percent to the group’s total income.
The group recorded total income of US$46,6 million, registering a 17 percent increase on the US$39,9 million achieved in the same period last year.
“The growth in net interest income was mainly driven by an improvement in the cost of funding, overall growth in interest earning assets and the reclassification of suspended interest income to earned interest income, following the performance of some material non-performing loans,” said chairman Herbert Nkala in a statement accompanying the unaudited results Thursday.
Net fee and commission income grew 16 percent to US$12, 5 million from US$10, 8 million, as a result of increased volumes of electronic transactions, but its contribution to total income remained flat at 27 percent.
The insurance business registered a six percent decline in revenue, though net earned insurance premium was flat.
Basic Earnings Per Share (EPS) rose 15 percent to US$1,41 per share and the board proposed an interim dividend of US$0,22 per share.