FNBB deposits hit P21.6 billion

BAKANG TIRO

editors@thepatriot.co.bw  

First National Bank of Botswana (FNBB) on Thursdays released its first half year results for the period ended 31 December 2022 with its customer deposit closing the period at P21.6 billion.

The leading company at the Botswana Stock Exchange (BSE) by market capitalisation said its deposit increased by six per cent year-on-year, attributing the increase to the significant growth realised on customer base.

FNBB’s outgoing Chief Financial Officer (CFO) Luke Woodford said the bank operated under highly volatile environment characterised amongst others by high inflation for better part of last year.

Woodford, however, said the bank realised tremendous growth across its critical segments of business. According to him, the commercial segment grew strongly driven by high deposits which a large part of them come from the tourism sector, which is stronger rebound trajectory post Covid19.

He said the FNBB balance sheet enjoyed seven per cent year-on-year growth with good growth in advances and deposits.