Announcing the bank's results for the year ended June 30 2011, chief executive officer (CEO) Lorato Boakgomo-Ntakhwana said profit after tax increased by 32 percent while net interest income rose by 24 percent largely due to a similar growth in advances.
"As we enter into the third year of our five-year strategy, we are excited by the results achieved so far with the shift to focus on aggressively increasing our market share in retail banking paying dividends," she said. During the period under review, the bank's advances grew 24 percent with retail lending rising 34 percent to P2.2 billion, property finance increasing by 20 percent to P2.5 billion while the corporate business rose by 53 percent to P791 million largely anchored by the recently closed deal to finance the Morupule Colliery expansion. The bank also says it moved away from the Bank of Botswana Certificates (BoBCs) and is now focusing more on advances while on the deposit side, FNB have shifted to retail deposits from the more expensive professional deposits.
