SUSTAINED DEMAND FOR CREDIT

MBABANE – First National Bank Eswatini has seen relatively strong demand for credit.

The bank has also seen advances increase by 10 per cent. This is reflected in the financial report for the year ending June 30, 2021. The scope for further lending has been provided by strong liquidity and targeted assistance for businesses that have identified expansion opportunities.  FNB CEO Dennis Mbingo said it had helped that customer acquisition was up across all segments and their improving retention levels and net customer growth had seen deposits growing by 30 per cent to June 2021.

Investment

“Medium to long-term outlook is a concern, but our social investment will continue to scale. “While the economic story has largely been positive under the current global and regional  climate, the medium to long-term risks  to this outlook from the uncertainty created by other developments  remains a concern,”  he said. He said in the coming year, the bank was planning to entrench  its shared value investment-redeploying resources meaningfully to support social interventions with a key focus on entrepreneurship and employment creation, youth development,  funding dedicated to child-headed homes support programmes, and supporting healthcare provision, among other initiatives. “As a corporate citizen and active member of the private sector, we remain resolute in our belief that many of the answers we seek lie within our society, and we can collectively do more to support our citizens and to promote development.

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