FNBB expects lower profits

Mbongeni Mguni | Wednesday February 10, 2021 14:21

 

Steven Bogatsu, First National Bank Botswana CEO

In a statement this week, the bank said pretax profits would be between 20% and 25% lower than the corresponding period last year.

FNBB recorded pretax profits of P545 million for the half-year ended December 31, 2019. While directors did not provide reasons behind the lower profit due, local commercial banks have noted the pressure from the coronavirus (COVID-19), which affected arrears, new loans and operating costs.

Also, banks took a knock on their numbers from extending relief to the customers such as loan repayment holidays and others. FNBB expects to release its results on March 2, 2021.