FNB well-positioned for strong recovery despite COVID-19 hurdles, says CEO Jacques Celliers
FNB’s normalised profit before tax saw a decline of 19 per cent year-on-year, for the six months ended December. Non-performing loans climbed by 26 per cent, as some customers continued to be impacted by economic strain. The bank posted a record 6 million digitally active customers. FNB CEO, Jacques Celliers joins CNBC Africa for more.
Thu, 04 Mar 2021 16:14:23 GMT
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AI Generated Summary
- FNB posts a 20% drop in profits but remains optimistic about recovery
- Focus on supporting customers through relief programs and digital innovation
- Commitment to providing further relief and adapting to changing economic conditions
South Africa's FNB has navigated the challenges posed by the COVID-19 pandemic, posting a 20% drop in profits and a 30% return on equity for the six months ending in December. Despite the economic strain leading to a 26% increase in non-performing loans, the bank remains optimistic about a strong recovery. FNB CEO, Jacques Celliers, shared insights on the bank's performance and future outlook in an exclusive interview with CNBC Africa. Celliers highlighted the bank's focus on supporting customers through relief programs, allowing them to emerge from the crisis successfully. With record numbers of digitally active customers and growth in the commercial banking sector, FNB is well-positioned for the market's reopening. Celliers emphasized the importance of vaccine programs and government stimulus in driving economic recovery, especially in infrastructure investments. He expressed confidence in the bank's ability to support the economy and identified key sectors like agriculture and energy as sources of significant growth potential. Despite challenges in the lending environment, Celliers remains committed to providing support to businesses and consumers, adapting policies to meet changing needs. The bank's strong deposit growth and lending capacity underscore its commitment to fostering economic resilience. As the country braces for potential future waves of the pandemic, FNB is prepared to offer further relief and support to clients, ensuring stability and continuity in uncertain times.
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