FNB, recently declared South Africa’s Most Valuable Brand, has delivered strong results for the financial year ending 30 June 2023, boosted by sustained growth in customers, deposits, transactional activity, and take-up of its comprehensive product range.
We provided more than R600 million in alternative energy funding for commercial customers in partnership with WesBank and paid-out over R1 billion through the National Treasury-backed Bounce Back Loan scheme. Focusing on small and medium-sized enterprises and larger businesses, FNB Commercial increased advances by 8% and delivered a robust 14% growth in deposits. The Broader Africa portfolio continues to demonstrate good growth, with profits increasing by 26% and active customers rising by 7%. Broader Africa also increased advances and deposits by 10% and 18%, respectively.
Furthermore, customers are rapidly embracing safer payment methods, with over R27 billion in payments made using 4.6 million virtual cards. E-commerce activity is increasing, with the FNB App processing R18 billion in sales of third-party digital vouchers, prepaid airtime, and electricity.
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