FNB Half Year Profits up by 11%. App usage Soars.

CAPE TOWN- FNB announced on Tuesday that their overall profits increased by 11% for six months ending in December 2017.

In the announcement they also revealed that their banking app usage had increased by 66%, as they released their interim results.

FNB’s pre-tax profits grew from R9.3bn to R10.43bn, back of the strong growth in its SA banking businesses, which saw pre-tax profit growth of 12%.

FNB did say their net interest income increased by 7% to R23.7 Billion, a key measure in lending profitability.

Chief Executive Johan Burger said in a statement, ” FirstRand considers itself strategically well positioned to benefit from renewed growth,”

“However, given the structural nature of many of South Africa’s challenges, the group believes that the domestic fundamentals will not change quickly, therefore, it expects a similar macro picture for the remainder of its financial year to June 2018,” he said.

Jacques Cilliers added, FNB CEO, that the banking app growth exceeding their expectations and the app keeps growing, he said,

“continued growth and increased customer usage,”

“We are particularly pleased about the number of visitors who are experimenting with new functionality on the platform,” he said.

“The 11% growth in profitability shows an all-round strong team performance. Deposit growth and strong contribution from our market leading transactional franchise underpinned an excellent domestic performance. The contribution from our African subsidiaries improved from the prior period.”

Photo Credit- MyBroadband

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