First National Bank Botswana (FNBB) has, against the background of a rebound in the global environment during 2013, reaffirmed its ability to stay strong.
This was made evident in the release of the Bank’s unaudited summarised financial results and dividend announcement for the half year ended 31 December 2013.
The results were largely driven by the substantial growth in new business for the period under review.
“To be able to appreciate our financial results in the context of the global and local economic climate, it is important to understand the challenging times our businesses have been operating in.
We have seen no less than five years of significant macroeconomic volatility on a global scale, with this having stabilised in 2013. Despite prospects for developed economies in particular having improved, macroeconomic risks have not disappeared,” said FNB Botswana CEO, Lorato Boagomo-Ntakhwana.
Despite tight liquidity conditions and credit growth being on a downward path, the Bank achieved a 6% growth on total balance sheet.
Tight liquidity conditions in the market led to total market deposits held by commercial banks increasing modestly by 2.8%.
In spite of this, the Bank achieved a 7% growth in deposits by customers from customers, achieving a growth faster than the market.