Figures on First Capital Bank’s published financial statement show that profit-after-tax for the first half year ended June 30 2021, grew by 39% to K5.4 billion from K3.9 billion in 2020.
The statement co-signed by FCB Chairperson Hitesh Anadkat and Chief Executive Officer Jaco Vilijoen, outlined that the rise in profitability is amid a challenging business environment stemming from the Covid pandemic. “It remains challenging to contain costs in the current macroeconomic environment but overall operating expenditure is in line with our expectation in the period,” the statement reads.
Looking forward, the bank indicates that there is uncertainty on the performance of the economy in the second half due to currency remaining under pressure due to higher appetite for the hard currency from importers, among other factors. “There is uncertainty of economic recovery in the medium term and, as such, the bank will continue to conservatively manage our balance sheet and remain averse to excessive credit risk,” it reads.