First National Bank (FNB) Eswatini has announced that its total assets are worth E10.3 billion, up by 6% from last year’s figures.
This was supported by growth in advances and deposits. Its advances grew by 13% to E4.7 billion while deposits grew by 5% to E6.6 billion.
Meanwhile, the bank’s cost to income increased from last year’s 59.2% to 63.3%. This was revealed during the presentation of the 2024/25 Annual Financial Results at the media and stakeholder engagement held at FNB Head Office yesterday.
Unpacking the bank’s performance for the year, Chief Financial Officer (CFO) Njabulo Dlamini said as much as profits remained flat year-on-year, they had seen good financial growth. He said business still grew for both short-term and long-term, with an impact on the cost-to-income ratio, which has been impacted by investment on short term.
“We are growing diligently, our interim assets and equity have declined but still within the target rate and we have crossed over to become a E10 billion marketing company. I think that is something that we can celebrate as we reach our 30-year milestone.
“It is also a testament to a growth story within this country as we started at E890 000 in terms of revenue profit. The business is well capitalised at E1.4 billion and has the capital to absorb the shocks and the volatility that may come way forward, capital to invest and produce growth. This will be a continuative game of business to reach your eyes,” Dlamini said.
FNB records E268.8m profit after tax
FNB Eswatini has posted a profit after tax of E268.8 million for the 2024/2025 financial year, maintaining its position as the leading financial institution in Eswatini.
The profit reflected flat growth from the profit posted in the 2023/24 financial year.
FNB’s Chief Financial Officer (CFO) Njabulo Dlamini highlighted the bank’s intentional investment in people and platforms as a key focus of the 2024/25 financial year.
“Our 18% growth in operating expenses is attributed to a deliberate investment in our people, technological development and support. We also continued investment in key regulatory projects and channel enhancements,” Dlamini said.
Expanding on this, CEO Thokozani Dlamini said some of the key initiatives pursued by the bank in the financial year would position it for continued growth in the coming years.
“We led with employee experience – honouring our commitment to investing in our people, the engine of the business’ wellbeing and fostering connections for success. We resourced for critical roles across the business particularly in the retail and commercial segments.
“We also resourced support functions such as human capital and information technology (IT) teams, to drive business partnering and critical value extraction through insight. We further conducted CEO roadshows wherein I was introduced to the bank’s entire staff complement, and employees were sensitised about the bank’s strategy and accompanying objectives,” he said.
The CEO further highlighted projects the bank had invested in during the last financial year.
He said FNB Eswatini was now live on Eswatini Payment Switch, allowing clients to send money instantly to other local banks, eliminating traditional clearing times.
He also cited that they successfully completed the Common Money Area (CMA) EFT migration, transitioning clients from paying to CMA countries via the electronic funds transfers (EFT) to the SWIFT channel, now accessible via Forex on App.
The CEO added that the bank launched its evolved private banking value proposition, enhancing the service experience for private clients to meet global standards.
“We have also strengthened our commitment to exceptional customer service across the bank and embedded integrated financial advice to further enhance our customers’ financial resilience.
“We further reinforced our role in supporting economic growth, particularly as a leader in financing the agricultural sector. Our CIB team signed the first green loan for a solar power generation plant – the first of many we plan to finance,” he highlighted.
FNB Eswatini Annual Financial Results at a glance
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Profit after tax: E268.8 million
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Total Assets: E10.3 billion (6% increase)
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Loans to deposits ratio: 73.2%
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Cost to income: 63.3%
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Credit impairment ratio: 0.6%
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Advances growth: E4.7 billion
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Return on assets: 2.7%
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Return on equity: 19.2%
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Deposits growth: E6.6 billion
