Times Of Swaziland: SUSTAINED DEMAND FOR CREDIT

SUSTAINED DEMAND FOR CREDIT
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BY ASHMOND NZIMA on 05/10/2021 08:10:00


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.