At a Glance
- FMB Capital’s market value jumps to $4.8 billion, reshaping Malawi Stock Exchange rankings.
- Profit after tax rose 56% as balance sheet growth and wider margins lifted earnings.
- Malawi leads earnings contribution as regional operations deliver steady results across five countries.
FMB Capital Holdings Plc, a Mauritius-based financial services group with a wholly-owned subsidiary in Malawi, has emerged as the most valuable stock on the Malawi Stock Exchange (MSE), overtaking the Blantyre-based lender Standard Bank Malawi Limited, which previously led with a valuation of over $3.33 billion.
Headquartered in Ebene, Mauritius, FMB Capital operates First Capital Bank across Malawi, Botswana, Mozambique, Zambia and Zimbabwe. In Malawi, it runs a full-service commercial banking operation serving corporate, retail and personal customers through one of the country’s widest branch and agency networks.
As of December 16, 2025, the bank’s market capitalization surged to MWK8.31 trillion ($4.81 billion), up from MWK 3.05 trillion ($1.76 billion) on February 28. The gain means FMB Capital now accounts for about a quarter of the MSE’s total equity value, a reflection of sustained investor demand and growing confidence in the group’s earnings profile and balance sheet.
FMB Capital posts strong H1 2025 performance as profit jumps 56%
For the six months ended June 30, 2025, FMB Capital reported profit after tax of $72.9 million, up from 56 percent a year earlier, according to unaudited interim results. The increase was driven by balance sheet growth, wider margins and controlled costs.
Total operating income rose 38 percent to $176.5 million. Net interest income climbed 46 percent to $106.9 million, while non-interest income increased 27 percent to $69.6 million, supported by higher yields on government securities, growth in consumer lending, foreign exchange trading and stronger digital and trade-related fees.
Operating profit increased to $106.3 million from $66.5 million. Profit attributable to equity holders more than doubled to $54.5 million.
Balance sheet expansion supports regional growth strategy
Total assets rose 34 percent to $2.33 billion. Customer deposits jumped 40 percent to $1.72 billion, while loans and advances grew 19 percent to $866 million. Current and savings accounts made up 62 percent of deposits, supporting funding stability. The credit loss ratio improved to 1.11 percent.
Malawi drives earnings as regional results hold steady
Malawi was the largest earnings contributor, posting profit after tax of $29.1 million, nearly triple the prior year. Mozambique, Zambia, Botswana and Zimbabwe also delivered steady results despite economic pressures.
Dividend declaration underscores capital strength
From a single branch in Malawi, FMB Capital Holdings has expanded to about 80 branches across five countries, positioning itself as a key regional banking player. In 2018, it rebranded from First Merchant Bank (FMB) to First Capital Bank. The name change came as part of a new and cohesive brand identity for the financial services group, with further business advantage as it continues to expand its customer base.
The board declared a second interim dividend of $7.37 million, which is $0.003 per share, payable in October 2025. Management said the group remains cautious but focused on deposit growth, selective lending and digital investment in the second half. The group has increased its 2026 FCB plc Katswiri U20 Youth Football League sponsorship package to MWK100 million ($57,632) from MWK52 million ($30,000) last season, setting out to gain fresh momentum.
