Avatar photo

By Vukosi Maluleke

Digital Journalist

FNB delivers strong annual results and sustained growth

The bank has experienced notable growth across its various divisions.

First National Bank (FNB) recently announced strong results for the financial year ended 30 June.

The bank reported the outcome was boosted by sustained growth in customers, deposits, transactional activity and take-up of its comprehensive product range.

FNB also delivered a solid credit performance and provided increased money management support for customers.

ALSO READ: FNB’s growing appetite for lower-risk clients boosts loan book

‘Pleased with performance’

“We are pleased with our full-year performance, as it demonstrates our ability to continue supporting our individuals, families, and business customers despite economic uncertainty,” said Jacques Celliers, FNB CEO.

“We’re also delighted to see more customers endorsing our advice-led approach to providing solutions that are helpful and easily accessible through a safer digital platform. Our FNB App is the most popular digital channel for customers, accounting for 1.2 billion of the 1.7 billion total user logins,” he said.

Celliers added FNB had provided more than R600 million in alternative energy funding for commercial customers, in partnership with WesBank, and paid out more than R1 billion through the National Treasury-backed Bounce Bank Loan.

ALSO READ: FNB plans to install solar power at 100 branches across SA


FNB’s retail division, which serves customers through its Personal and Private segments, increased 7%, which the bank primarily attributed to growth in residential mortgages.

Deposits had increased 10%.

Meanwhile, the bank’s commercial division had increased advances 8%, and delivered a 14% growth in deposits.

FNB’s Broader Africa portfolio saw profits increasing 26%, and active customers rising 7%. Additionally, the portfolio also increased advances and deposits by 10% and 18%, respectively.

ALSO READ: FNB’s ewallet boss a champion for the poor                                           

Wealth and investment assets increased 12% to R32 billion, while FNB’s WIM investment accounts increased 5% to 629 000 – adding to the bank’s leading market share of household deposits in South Africa.

FNB Life’s new business annual premium equivalent (APE) also increased 18%, and the business unit has now paid R644 million in pre-emptive Life claims to customers since it was launched.

The FNB App is reportedly gaining popularity.

  • Nav>>Home feature originates 24% of home loans paid out to customers, and accounts for more than R52 billion in payouts since inception.
  • Nav>>Car feature in collaboration with WesBank, has facilitated nearly R600 million in vehicle finance.
  • Nav>>Care feature has enabled customers and employees to donate R4.4 million to early childhood development centres, old-age homes, climate change, animal welfare and housing initiatives.
  • Over R27 billion in payments were made using 4.6 million virtual cards.
  • The FNB App processed R18 billion in sales and third-party digital vouchers, prepaid airtime and electricity.

ALSO READ: Momentum Metropolitan reports historic peak in earnings


FNB has also collected some accolades – recognised as the World’s Strongest Banking Brand by Brand Finance, with a Brand Strength Index rating of 93 out of 100.

The financial institution was also named SA’s Best Consumer Digital Bank at the Global Finance World’s Best Digital Banks 2023 Awards, while eBucks Rewards won Africa’s Best Financial Services Loyalty Programme at the International Loyalty Awards.

“We are humbled by the recognition of our efforts in all of our markets, as it highlights our unwavering dedication to meeting the needs of our customers and the communities in which we operate,” Celliers said.

“Our success is also due to the efforts of thousands of our employees, who work hard daily to understand how we can help individuals, families, and businesses fulfil their aspirations,” he said.

ALSO READ: Sars collects more than R2 trillion and pays out record R381 billion

Read more on these topics

Banking First National Bank (FNB) investment

Access premium news and stories

Access to the top content, vouchers and other member only benefits