Malawi gains second billionaire as Hitesh Anadkat’s stake in FMB tops $1 billion

Malawi has welcomed its second billionaire in less than a month, as Indian-Malawian entrepreneur and financier Hitesh Anadkat’s stake in FMB Capital Holdings crossed the $1 billion mark.

This comes just two weeks after businessman Thom Mpinganjira became Malawi’s first billionaire, highlighting a notable moment for the country’s business sector. Anadkat, who has long guided the financial services group he founded, saw the market value of his holdings rise sharply, reflecting both his influence and FMB Capital’s strong performance.

Hitesh Anadkat’s FMB Capital stake tops $1 billion

Data tracked by Billionaires.Africa shows that Anadkat’s stake, which represents nearly half of FMB Capital Holdings, grew by MWK216.4 billion ($123.8 million) over the past 30 days. His holdings increased from MWK1.56 trillion ($900.6 million) on July 28 to MWK1.77 trillion ($1.02 billion) at the time of reporting.

The jump mirrors a rise in FMB Capital’s share price, which climbed from MWK1,400.01 ($0.81) to MWK1,594.11 ($0.92), lifting the company’s market cap to MWK3.92 trillion ($2.25 billion) and making it the third most valuable company on the Malawi Stock Exchange.

From founder to billionaire status

Hitesh Anadkat founded FMB Capital Holdings in 1995 as First Merchant Bank and has steadily expanded it across multiple African markets. Today, the group operates in five SADC countries—Botswana, Malawi, Mozambique, Zambia, and Zimbabwe—serving a growing number of clients across the region.

Under his leadership, FMB Capital has established itself as a key player in southern Africa’s banking sector. His rise to billionaire status reflects both his long-term commitment and the strength of FMB Capital in an evolving financial landscape. As the company continues to grow, Anadkat’s influence on Malawi’s banking sector remains pronounced.

Anadkat’s ownership of FMB Capital is spread across several entities. He controls a total of 1,114,939,081 shares, representing 45.35 percent of the company. The largest portion is held by Premier Capital (Mauritius) Limited, which owns 766.3 million shares (31.17 percent), followed by Magni Holdings with 232 million shares (9.44 percent).

N.G. Anadkat Limited holds 31.8 million shares (1.29 percent), and two Livingstone entities collectively own 32.5 million shares (1.32 percent). Anadkat also directly holds 52.3 million shares (2.13 percent). Together, these stakes are valued at over $1 billion, fueled by a 180 percent rise in FMB Capital shares this year.

H1 2025 profit hits $72.9 million

The surge in Anadkat’s wealth reflects more than just stock market gains. FMB Capital reported strong financial results in the first half of its 2025 fiscal year, ending June 30. The group recorded a profit after tax of $72.9 million, a 56 percent increase from the same period in 2024. 

The group posted a rolling 12-month return on average equity of 42 percent, supported by steady balance sheet growth, efficient operations, and well-managed margins. Net interest income rose 46 percent, helped by higher yields on government securities and robust consumer lending, while total non-interest income grew 27 percent, driven by foreign exchange trading, digital transactions, and trade-related fees.

FMB Capital’s total assets reach $2.33 billion

FMB Capital also expanded its lending and deposit base. Loans and advances to customers grew 19 percent to $866 million, while customer deposits increased 40 percent, with current and savings accounts making up 62 percent of the total deposits.

Total deposits exceeded $1.7 billion, boosting liquidity and enabling further asset growth. Total assets rose to $2.33 billion, and retained earnings climbed to $241.07 million, reinforcing the group’s financial foundation.