Abridged unaudited financials
for the half-year ended 30 June 2025

Chairman’s Statement

Resilience and Strategic Focus – Half-Year Ended 30 June 2025

The first half of 2025 unfolded in a climate of cautious optimism. While global growth remained subdued, Zimbabwe showed early signs of recovery, supported by improved agricultural output, currency stabilisation reforms and renewed investor interest in mining and tourism.

The period also presented challenges, liquidity remained constrained, and the task of managing inflation continued to demand attention.

Financial Strength and Sustainability Focus

In this evolving environment, First Capital Bank demonstrated resilience and agility, delivering a strong performance – while maintaining a clear strategic focus. Net profit grew by 128% to ZWGS431 million compared to June 2024, capital adequacy remained well above regulatory requirements, and operational efficiency improved. Our balance sheet remains robust, with total assets increasing to ZWG$27.8 billion and customer deposits reaching ZWG$7.63 billion, reflecting sustained market confidence in our brand and value proposition.

Sustainability is central to our strategy. We continue to embed environmental, social, and governance (ESG) principles into how we operate, ensuring that our growth remains both responsible and inclusive. We are advancing green financing, financial inclusion and aligning governance with the best global practice standards such as IFRS and ISO. I am also pleased to share that I completed ESG certification for Directors and Executive Leaders through the Corporate Governance Institute – a testament to our Board’s commitment to embedding purpose and accountability.

Dividend

The Board has proposed declaration of an interim dividend of US$ 0.307 cents per share. A separate dividend declaration notice will be published.

Outlook

Zimbabwe’s GDP growth forecast at 6% for 2025 and the bank is well-positioned to capitalise on growth opportunities, enhance customer experience and enforce its risk and capital management frameworks.

On behalf of the Board, I extend my appreciation to our shareholders for their trust, our customers for their loyalty, our employees for their dedication, and our regulators for their support. We remain committed to building a future-centred, customer-focused and sustainability-driven institution, guided by our mantra that “Belief comes first.”

Patrick Devenish
26 August 2025

Chief Executive Officer’s Statement

Half-Year Ended 30 June 2025 – Executing for Sustainable Growth

Building on the strategic foundation set by the Board, the first half of 2025 was focused on disciplined execution, customer growth and responsive market engagement. Our 2024 realignment delivered a leaner, more resilient organisation, enabling us to respond effectively to emerging opportunities and navigate a dynamic economic landscape.

Financial and Operational Performance

Our performance for the period reflects both agility and focus:

• Total Income rose 123% to ZWG$2.09 billion.

• Net Profit After Tax increased by 128% to ZWG$353.7 million.

• Cost-to-Income Ratio improved to 48% from 55%.

• Customer Deposits grew 103% to ZWG$7.65 billion.

• Loan Portfolio expanded to ZWG$2.21 billion, with strong support to agriculture, manufacturing, services, and tourism sectors.

• Total Assets increased to ZWG$27.8 billion.

• Tier I Capital Ratio – remained strong at 18.6%, well above the regulatory minimum.

Customer Growth and Market Reach

We welcomed over 35,000 new customers, with more than 80% actively using our digital channels. Corporate and Investment Banking remain key anchors for ecosystem-led expansion, while tailored SME and retail solutions continue to diversify our income streams. Our digital platforms are being enhanced to offer greater convenience, security, and ease.

Sustainability and Impact

We disbursed ZWG$56.6 million in ESG-linked lending targeting women, youth, and underserved communities. An additional ZWG$29.3 million supported schools, borehole, and climate-smart agriculture projects. We also invested in youth, employee development, improved healthcare access, and other programs, positively impacting over 25,000 young people.

Outlook

In the second half of 2025, our focus will remain on scaling market presence, investing in digital innovation and talent, and strengthening governance and risk management frameworks. The goal remains creating sustainable value for our shareholders through disciplined growth and customer-centric innovation.

I thank our customers, employees, partners, regulators and the Board for their unwavering trust and support. At First Capital Bank, belief comes first and continues to shape the way we build a stronger, more inclusive future.

T. Mushorehwa
26 August 2025