FBC posts 13pc profit growth

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    FBC Building Society reported a 13 percent growth in total income for the six months ended June 30, 2018 driven largely by growth in net fee and commission income.

    Total income for the period amounted to $9,2 million up from $8,1 million prior year comparative.

    The Building Society closed the period with a surplus of $5,4 million up 18 percent from prior year comparative.

    Its asset base also grew by 37 percent to $175,5 million as it added more houses to its stock.

    FBC Holding Limited chief executive officer John Mushayavanhu, said income for the Building Society was driven by growth in net fee and commission income up 37 percent to $3 million.

    The Building Society also recorded a 12 percent increase in net interest income to $5,3 million after paying 37 percent less in interest expenses of $1,5 million.

    Of the loans and advances, 6,3 percent or $4,1 million worth were in default, 36,5 percent or $24 million worth were under special monitoring with the balance of 57,1 percent or $37,5 million are “stage one investment grade”.

    The Building Society’s carried over projects from 2017 were completed during the period.

    Mt Pleasant duplex apartments (48) and 16 apartments in Greendale Kennedy Drive were completed and all sold during the half year.

    About eight stands in Helensvale were also sold during the period under review. In the period under review Mr Mushayavanhu said the Building Society is constructing 24 apartments in Greendale’s Alfred Road plus another 16 in Avondale West Road.

    Several residential stands are also being developed with 858 being developed in Kuwadzana while 14 are being developed in Glen Lorne.

    The Building Society is also engaged in negotiations for possible land acquisitions in strategic cities across the country.

    – Herald

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