Diversification pays dividends for FNBB :: Mmegi Online

First National Bank (FNB) says it has shifted its dependence on interest income in the backdrop of tightened competition in the banking sector, increased regulation and low interest rates. Bank of Botswana announced 200 basis points cut in interest rates between 2012 and 2013. In January 2014 it issued a further two-year moratorium, prohibiting any increase in banking charges.

In her commentary in the bank’s 2014 annual report released this week, outgoing FNB Chief Executive, Lorato Boakgomo-Ntakhwana, said with the delivery of the diversification strategy aimed at reducing dependence on interest income, the bank’s non-interest income during the year increased by seven percent.

She said ensuring that they were sufficiently resourced to comply with new regulatory requirements had been a costly but necessary exercise.

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