FNBB Profits Down 3% Due To Recession

Presenting their results for the six months ended 31 December 2009, in Gaborone on Friday FNBB chief financial officer Steven Bogatsu says that the company 's profits before tax fell 3 percent to P265 million in the period whose operating environment was challenging.

Apart from the weakened clients' disposable incomes, which pushed impairment losses up 12 percent, the bank also faced a challenge with the low interest rates environment, which squeezed margins despite advances growing by 13 percent.