FNB gave over R2 billion back to eBucks customers

FNB awarded R2.3 billion in eBucks to customers in the 2023 financial year – an increase of 9% from the previous year, and eBucks travel sales also increased by 57% to R934 million.

FirstRand, which owns FNB, released its results for the year ended 30 June 2023 today. It revealed solid results for FNB boosted by sustained customer growth, deposits, transactional activity, and take-up of its product range. 

“Against the backdrop of a tough economic climate that has strained the finances of households and businesses, FNB delivered a solid credit performance and provided increased money management support for customers,” the company said.

FNB’s active customers increased by 5% to 11.49 million, and digitally active customers increased by 6% to 6.89 million.

The company’s profit before tax increased by 10% to R31.4 billion. Deposits increased by 13% to R853.6 billion, while advances grew by 8% to R529.1 billion.

Wealth and Investment total assets increased by 12% to R320 billion.

“We are pleased with our full-year performance, as it demonstrates our ability to continue supporting our individuals, families, and business customers despite economic uncertainty,” CEO Jacques Celliers said.

“Among the many highlights are our efforts to alleviate the pressure of energy constraints on customers.” 

“We provided more than R600 million in alternative energy funding for commercial customers in partnership with WesBank and paid out over R1 billion through the National Treasury-backed Bounce Back Loan scheme.”

The Retail division of FNB, which serves customers through its Personal and Private segments, increased advances by 7%, primarily driven by growth in residential mortgages, and deposits increased by 10%.

Focusing on small and medium-sized enterprises (SMEs) and larger businesses, FNB Commercial increased advances by 8% and delivered a robust 14% growth in deposits.

FNB’s Broader Africa portfolio also demonstrated good growth, with profits increasing by 26% and active customers rising by 7%. Broader Africa also increased advances and deposits by 10% and 18%, respectively.

 FNB saw a 12% increase in wealth and investment total assets to R320 billion. FNB’s WIM investment accounts increased by 5% to 629,000, and it has the leading market share of household deposits in South Africa.

FNB Life’s new business annual premium equivalent increased by 18%, and the business unit has now paid out R644 million in pre-emptive Life claims to customers since launch.