FIRST Capital Bank Zimbabwe (FCBZ) leveraged offshore credit lines from the African Export–Import Bank (Afreximbank) and the European Investment Bank to sustain lending growth of 14% to nearly US$129 million in 2025, amid a “restrictive monetary policy” that depressed liquidity.
Consequently, net interest income for the review period was recorded at US$39,71 million from a prior year comparison of US$33,11 million.
That, together with an increase of 8,38% in net non-interest income, improved the bank’s total income to US$84,39 million from the prior year’s US$74,34 million.
“Asset growth and capital allocation: Despite tightened systemic liquidity stemming from a restrictive monetary policy, net loans grew by 14% to US$129 million (2024: US$113 million),” FCBZ chief executive officer Tapera Mushoriwa said in a statement attached to the bank’s annual results for the period ended December 31, 2025.
“Complementing our deposit funding, we strategically leveraged offshore facilities from Afrexim bank and fully utilised our existing European Investment Bank (EIB) facility.
“This capital optimisation enabled us to provide uninterrupted support to critical, productive sectors of the economy, including agriculture, manufacturing, mining, tourism and retail consumers.”
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The lending allowed the bank to strengthen its balance sheet, with total assets rising 12,2% to US$331,98 million last year from the prior year.
“Deposit mobilisation: Customer deposits grew by 12% to US$200 million (2024:US$178 million),” Mushoriwa said.
“This growth was fuelled by an expanding customer base, deepening wallet share among existing clients, and targeted financial inclusion initiatives across schools, faith-based organisations, and the SME [small and medium enterprise] sector, reflecting broadening market trust in our brand and its offerings.”
Further, the bank managed to cut staff costs to US$15,78 million during the period under review, from a prior year’s US$20,33 million, which allowed FCBZ realise savings of about 22,4%.
Hence, the increased total income and staff savings drove a substantial increase in profit after tax (PAT) to US$30,09 million last year, an increase of nearly 52% over the prior year.
“Profitability: PAT accelerated to US$30 million (2024: US$20 million). Crucially, the quality of our earnings improved significantly, with less than US$0,5 million derived from FX revaluation gains (compared to US$6 million in 2024),” Mushoriwa said.
“This performance was driven by a 21% positive jaws ratio, as revenue growth aggressively outpaced cost expansion, a direct dividend of the structural efficiency programs we executed throughout 2025.”
The bank’s share price appreciated by 126,5% to 9,90 US cents per share in 2025, reflecting sustained investor confidence in FCBZ’s strategic direction and execution discipline.
The bank’s liquid asset ratio strengthened to 65%, from a prior year’s 53%, while prudential liquidity stood solid at 41%.
“The board is confident that First Capital Bank is strategically primed to navigate 2026 and the years beyond,” FCBZ chairman Patrick Devenish said.
“Having fundamentally strengthened our capital base, liquidity buffers, governance frameworks, and operational resilience, our forward-looking mandate is heavily focused on catalysing sustainable growth while maintaining uncompromising risk oversight.”
He said the bank would aggressively invest in customer-centric innovation, optimise both digital and physical service channels, and continuously elevate the control environment to guarantee long-term value creation.
“In the year ahead, the board will exercise stringent oversight regarding strategy execution, financial resilience, and regulatory compliance,” Devenish said.