Jacques Celliers, Fnb Ceo
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Lender FNB says it has lost consumer clients over the six months ending December 2019 – largely due to upselling them to more premium products and pressure from competitors.
FNB represents the FirstRand’s activities in the retail and commercial segments in South Africa. The bank reported 4% growth in pre-tax profits to R10.7 billion, while its cost-to-income ratio improved to 50.3%, it said.
Profit before tax was more muted in the retail segment, growing 3% to R7.48 billion (2018: R7.30 billion), with the balance coming from commercial (+9%) and rest of Africa.
“Overall, FNB’s South African business experienced a slowdown in some of its key growth drivers as the prevailing macroeconomic environment placed further pressure on customers.” the bank said.
FNB CEO, Jacques Celliers said the lift in profit before tax is underpinned by the group’s focus on attracting main banked clients coupled with “ensuring that clients have access to solutions for their needs”.
FNB represents the FirstRand’s activities in the retail and commercial segments in South Africa. The bank reported 4% growth in pre-tax profits to R10.7 billion, while its cost-to-income ratio improved to 50.3%, it said.
Profit before tax was more muted in the retail segment, growing 3% to R7.48 billion (2018: R7.30 billion), with the balance coming from commercial (+9%) and rest of Africa.
“Overall, FNB’s South African business experienced a slowdown in some of its key growth drivers as the prevailing macroeconomic environment placed further pressure on customers.” the bank said.
FNB CEO, Jacques Celliers said the lift in profit before tax is underpinned by the group’s focus on attracting main banked clients coupled with “ensuring that clients have access to solutions for their needs”.
