First Capital Bank Mozambique, a commercial bank, has reported a staggering 74 percent increase in profits compared to the previous year, reaching 1,225 million meticais ($19.2 million) in 2023. This surge in profitability was attributed to a notable rise in banking income, which has shown consistent growth since 2018. The bank's financial statements revealed a substantial increase in net profit, surpassing $11 million in 2022. Additionally, the bank allocated 30 percent of its 2023 profits to legal reserves, 10 percent to retained earnings, and distributed 60 percent, equivalent to nearly $11.6 million, as dividends to shareholders. First Capital Bank, a subsidiary of FMB Capital Holdings based in Mauritius, operates in various countries including Botswana, Malawi, Zambia, Zimbabwe, and Mozambique.
By the end of 2023, First Capital Bank boasted one hundred seventy-two employees and five branches, serving a clientele of fourteen thousand six hundred fifty customers. Despite a slight decrease in client numbers from the previous year, the bank's total assets surged to $285.4 million, with loans and advances to customers totaling $103 million. However, total liabilities also increased, reaching $233.7 million, marking a significant growth trajectory for the institution.