FIRST Capital Bank (First Capital) recorded a 33 percent increase in total income to US$71,2 million for the fiscal year ended December 31, 2023 buoyed by a significant increase in customer base, loans and advances, and proportion of US- dollar transactions.
The growth in total income during the year was from a 2022 comparative figure of US$53,4 million. “Active management of the currency positions also resulted in exchange gains,” the bank’s chief executive, Tapera Mushoriwa said in a statement accompanying the financials.
The bank however posted a profit before tax of US$14,6 million which was 15,7 percent lower than previous year of US$17, 4 million due to increased operating expenses which grew by 55 percent to US$46,7 million.