Listed financial services provider, First Capital Bank (Zimbabwe) recorded an after-tax-profit of $24.3 million for the year to December 31, 2019.

This was a 23% rise in after tax profit from last year.

Basic earnings per share rose to 1.13 cents up from 0.92 cents in 2017, which management attributed to higher interest income.

During the year under review, net interest income increased 86%, while bank deposits grew by 25%.

Gross loans and advances grew 72% to $201 million.

The financial services provider says it managed to surpass the Reserve Bank of Zimbabwe (RBZ)’s 2020 minimum capital requirement of $100 million, with capital closing FY2018 at $107 million.

The regional bank has a major commercial banking network throughout the country with 32 branches and service centres in major cities and towns.

First Capital Bank recently withdrew its cautionary statement and also decided not to issue a dividend due to the uncertainties in the economic environment.

Last month, First Capital Bank completed its migrating to its new information technology (IT) systems from those of previous parent bank, Barclays Plc.

The bank’s systems have now been fully integrated with those of its group, FMB Capital Holdings Plc.