FNB reports strong growth as it nears 11 million active customers

 ·15 Sep 2022

Financial services group FNB said Thursday (15 September), that it delivered a strong set of financial results for the financial year ending 30 June 2022, as the bank continued to accrue new customers, now approaching 11 million.

“Our performance was driven by more customers, increased transactional volumes, strong deposit growth, lower impairments, and increased disbursements to our retail and commercial customers,” said FNB CEO, Jacques Celliers.

Key financial highlights are:

  • Active customers increased by 5%, from 10.48 million to 10.96 million
  • Profit before tax increased by 23%, from R23.2 billion to R28.4 billion
  • Deposits increased by 13%, from R666.8 billion to R755.5 billion
  • Advances increased by 7%, from R459.9 billion to R490.8 billion
  • Overall transaction volumes increased by 14%, from 2.8 billion to 3.2 billion
  • Digitally active customers increased from 6.09 million to 6.48 million
  • Digital logins totalled 1.6 billion

“We remain committed to investing in our digital platform to facilitate our customers’ migration to safer and more efficient channels. Our platform evolution and strategy to increase customer adoption of digital interfaces is yielding results as we continue to experience significant volume and activity growth,” said Celliers.

FNB said it disbursed R23 billion in personal loans to customers to appropriately facilitate their day-to-day cashflow needs over the period.

“Our Commercial segment also delivered strong results, with just under 300,000 new business accounts and strong deposit growth off the back of attractive product pricing and good innovation. We also offer our commercial customers money management support, which helped them to better manage their cashflows,” said Celliers.

He said that commercial advances have also increased year-on-year, with total disbursements up 35%. “In addition, our SME customers benefited from reduced and/or zero-rated fees to assist them in starting, running, and growing their businesses.”

Read: Discovery Bank cheers customer growth – but still delivers R990 million loss

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