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Profits decreased by 23% in H1 of 2020
Bank still expecting uncertainty in 2021
BAKANG TIRO
editors@thepatriot.co.bw
First National Bank of Botswana (FNBB) saw its balance sheet growing slightly by 5% driven by an increase in customer deposits of 6% after suffering a significant 23% in its profits for the six months ended December 31, 2020.
FNBB disclosed this week in its unaudited condensed consolidated financial results for the first six months ended 31 December 2020 that the deposits are in line with market growth of 6% (BoB Statistics).
According to the well diversified bank, this was largely attributable to a whopping 11% increase in demand deposits which offset a 4% decline in Fixed and Notice deposits during the period under review.