FNBB rakes in P19.7bn in Net Loans

The leading company by market capitalisation at the local bourse First National Bank of Botswana (FNBB) posted an impressive performance in the first six months ending 31 December 2024, with strong performance across all business segments. FNBB posted a 14 percent growth on its profit before tax surpassing P1 billion. FNBB Chief Executive Officer (CEO) Steven Bogatsu said FNBB remained resilient given tough trading economic conditions during the reporting period, adding that the bank will continue to leverage on technology with immense investment to improve service delivery to the customers. 

According to Bogatsu, customers have been pivotal to the bank’s growth hence the need to have better customer experiences with regards to service delivery. He also said the bank has made immense payout commission of P63 million the bank’s self-servicing cash plus service. 

Bogatsu said services such as cash plus are meant to drive financial inclusion, adding that it has generated P3.9 billion turnover since inception with P1.5 billion made from the remote areas. Bogatsu said 50% of the cash plus agents are based in remote areas. 

Presenting the results, FNBB Chief Financial Officer (CFO) Dr Mbako Mbo said the bank did not increase prices for any product or service during the period under review, highlighting that customers are at forefront of growth. 

Dr Mbo said FNBB realised an 8% growth on customers base to reach 730 000 customers. He said Net Loans and Advances to customers went up 10% to P19.7 billion while the balance sheet grew by 9% driven by the core business (lending). A dividend of 18 Thebe per share has been declared for the shareholders payable on April. 

Dr Mbo said the next six months will be rough as the bank doesn’t have liquidity programme but will remain cautious to navigate the storm as the market continues to face economic headwinds.