FNBB FY results profits down

BG reporter
Monday, 08 August 2016
FNBB FY results profits down

First National Bank of Botswana profits for the year ended June 30th will be lower when compared to the year before, the company said on Wednesday afternoon.

The lender, a trailblazer in mobile and internet banking platforms, did not disclose the decline in profits either in percentage or numerical terms. “Although still lower than the previous corresponding reporting period, the performance is improving and showing an upward trajectory,” said the BSE listed lender a filing to the regulator.

The bank, which is led by Steven Bogatsu made a profit of P591 million for the year ended June 2015, down by 18 percent when compared to the year before. FNBB, which is a unit of First National Bank, South Africa’s banking giant, has not stated reasons for the fall in profits this time around.

However, its peers who have already released full year results have complained of low rates regime and two year moratorium on bank charges among others. The bank said the results are expected on or before August 25, 2016. Shareholders have been alerted to exercise caution when dealing with the company securities before the results are published.

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