Low credit demand in mining sector cripples FNBB

Tuesday, September 05, 2017

First National Bank Botswana’s (FNBB) credit book was crippled by the low credit demand from the mining sector, which contracted by 32.2% due to low global demand in 2016.

According to FNBB’s financial results for the year ended June 30, 2017, the bank’s loan book amounted to P15 million during the period.

The bank’s chief executive officer, Steven Bogatsu said although credit demand from the mining sector has been low, at just 0.6% of total loans as at February 2017, the sector’s health feeds into the manufacturing, transport and trade sectors, which, combined, account for 16.6% of loans.

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