Malawian tycoon Hitesh Anadkat’s FMB Capital rewards shareholders with $10.6 million dividend

Feyisayo Ajayi -

Key Point

  • FMB Capital Holdings distributes $10.63 million final dividend, totaling $15.79 million for FY2023, up 32% annually, reinforcing shareholder value commitment.
  • Chairman Terence Davidson highlights FMB’s digital banking success, achieving a 29% profit increase to $78.7 million amidst global economic challenges.
  • FMB Capital eyes market expansion across Africa, reporting 5% deposit growth, 39% non-funded income rise, and 46% operating income increase in 2023.

FMB Capital Holdings, a leading Malawian investment holding company founded by prominent businessman Hitesh Anadkat, distributed a final dividend of $10.63 million to shareholders following approval at its 8th Annual General Meeting (AGM).

During the AGM held in Blantyre, shareholders greenlit the distribution of the final dividend. This final payout brings the total dividend for the 2023 fiscal year to $15.79 million — reflecting a 32 percent increase year-on-year and demonstrating commitment to enhancing shareholder value and maintaining its leadership in the African financial services industry.

Chairman Terence Davidson highlights digital banking success

Terence Davidson, Chairman of FMB Capital Holdings, presented the financial highlights for the year ended December 31, 2023, during the AGM. He emphasized the Group’s focus on digital banking enhancements and robust relationship banking strategies, which contributed to a 29 percent increase in consolidated profit, reaching $78.7 million.

“Our strategic initiatives in digital banking and strengthened relationship banking have yielded substantial results,” stated Davidson. “Despite global economic pressures, including fluctuating commodity prices and geopolitical tensions, FMB Capital Holdings has continued to expand its footprint across Africa, positioning itself as a leader in the region’s financial sector.”

FMB Capital eyes continued market expansion

Founded in 1995, FMB Capital Holdings has expanded its footprint across several African nations, including Botswana, Mozambique, Zambia, and Zimbabwe, under the strategic guidance of Hitesh Anadkat. The leading Malawian businessman, who holds a 35.51-percent stake in the company, has positioned FMB Capital as a top player in the region’s financial sector.

In 2023, FMB Capital Holdings saw a 5 percent increase in deposits and other liquidity sources, despite a strengthening dollar. Non-funded income soared by 39 percent to $115 million, driven by enhanced transactional, trade, and foreign exchange treasury services. Operating income grew by 46 percent to $251 million, underscoring the Group’s operational strength.

Looking ahead, FMB Capital aims to sustain growth by expanding its market share in current and savings accounts, attracting over 61,000 new customers in 2023 alone. With a total customer base of 616,000, the company remains poised for continued expansion and financial resilience in the face of global economic uncertainties.