<strong>FNB delivers excellent interim results, boosted by customer, transactional and deposit growth</strong>

FNB, recently named the World’s Strongest Banking Brand by the Brand Finance Banking 500 2023 report*, has achieved strong interim results for the six months ending December 31, 2022. Solid client, transactional, and deposit growth drove the bank’s results. The outcomes are the consequence of recent investments to modernise FNB’s brand and digital interfaces, as well as a renewed emphasis on being advice-led in our efforts to assist consumers through our integrated financial services model.

“Our half-year performance demonstrates the trust that millions of individual and business customers have in us to help them manage both their day-to-day financial services needs and their long-term financial aspirations. Our focus on integrated financial services means that customers can use our wide range of services for transactional, borrowing, insurance, investment, and lifestyle-related activities. We also recognise that the high cost of food, fuel, and electricity continues to put financial strain on customers, and we will continue to provide them with adequate support. We are also assisting customers with funding for alternative energy sources such as solar, and we were proudly the first bank to participate in the government’s Bounce-back Loan Scheme, which assists businesses in recovering from the effects of lockdown, unrest, and natural disasters such as the KwaZulu-Natal floods,” stated FNB.

According to FNB, their customers continue to trust the digital interfaces, with digital logins exceeding 878 million and the FNB App contributing 603 million logins.

“Our FNB App’s active transactional users surpassed 5 million, setting a new monthly record of 103 million logins in October 2022.

“We’re seeing a growing number of customers taking up our digitally displayed offers, with 6.5 million pro-active pre-approved offers taken up in just six months, an increase of 21%. Appetite for digital payments continues to rise, with customers making 41.9 million smart device payments with 3.9 million virtual cards and R15 billion in payments. Our first-to-market real-time Instant Payment innovation, which launched in October 2022, has already generated R50 million in payments. In addition, eBucks Travel delivered R450 million in sales using our platform rails, and we also sold R9.2 billion in third-party services such as electricity, airtime, and digital vouchers via the FNB App.”

FNB Retail, which serves consumers in our Personal and Private sectors, attracted new customers (up 5%), and eWallet users climbed to 8.2 million. The bank provided R8 billion in housing loans to first-time home purchasers’ families and R40 million in school loans to those seeking a better future. FNB has also paid out R612 million in pre-emptive life insurance claims since the launch of FNB Life, and 50% of funeral claims are settled within four hours. Also, in the preceding six months, their short-term insurance premiums grew to 275 000 (an increase of 13%). Similarly, FNB see encouraging momentum in Wealth and Investments, as the number of accounts increased to 604 000 (up 3%) and Assets Under Managed reached R71.5 billion. FNB is also the leader in household deposits, with R810.9 billion in deposits (up 11%).

“We are also pleased that our strategies to offer bundled and low-fee bank accounts to customers was acknowledged in the latest Solidarity Bank Charges Report, where our Fusion Aspire, Fusion Premier and Easy Pay-As-You-Use bank accounts were ranked the best when it comes to value for money. On telecommunications, FNB Connect increased the number of active sims to 879 000 (up 4%) with customers using 1.2 billion voice minutes and 4.4 billion megabytes of data.

“Our Commercial business continues to help entrepreneurs start, run, and grow their enterprises. Commercial’s half-year performance was bolstered by growth in both customers (up 5%) and deposits (up 15%). Our merchant acquiring volumes reached 487 million during the period (up 24%), and we offered R12.7 billion in new credit limits, R37.4 billion in funding to 209 000 female-led enterprises and welcomed 5 000 new farmers as customers.”

“Our growth story continues in our Broader Africa portfolio, with a 6% increase in customers, as well as a 5% increase in deposits and a 7% increase in advances. We are particularly encouraged by the adoption of digital channels across our portfolio markets, as this bodes well for our efforts to provide customers with helpful, easy, and safe solutions through our platform. Our agency banking CashPlus model continues to see impressive growth with 3 071 outlets (up 36%).”

FNB stated that, while helping clients through life is a key part of their business, they also utilise our platform to support the most vulnerable people of society. Customers and staff donated an incredible R3.8 million for good causes with the aid of nav>>Care, which was recently introduced on the FNB App. Furthermore, their workers have utilised the function to adopt over 1000 Early Childhood Centers for 46 000 children under the supervision of 3 500 instructors, as well as 96 old age homes for 5 700 elders. FNB nav>> has also let clients to renew 233 000 licence discs since its introduction, and nav»Car has 848 000 cars stocked in its garage. Through this channel, FNB have financed R406 million in vehicle loans.

“We are grateful to all members of society who take a keen interest in our endeavours, including those who see it appropriate to award us with prestigious honours.”

Recently, Global Finance named FNB the Best SME Bank in South Africa and acknowledged the FNB App as the Best Consumer Mobile Banking App in Africa.” Our eBucks Rewards won the Best Long-Term Loyalty Programme at the South African Loyalty Awards and FNB Connect was named the joint Best Digital MVNO in the World at the MVNO World Congress. We are extremely grateful to our customers and employees for helping us make a positive impact on society.”