FNB Shows Sustained Growth in Customers, Deposits and Digital Users - IT News Africa | Business Technology, Telecoms and Startup News

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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