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First National Bank Botswana (FNBB) on Tuesday announced a 23 percent drop in profit after tax.

FNBB suffers 23 percent drop in profits
FNBB CEO: Steven Bogatsu

For the six-month period ended 31st December, the bank recorded a profit after tax of P326.9 million, almost a quarter down on the P425 million accumulated in the previous corresponding period.

The decline is attributed to pressure on top-line revenue and increased credit provisioning to provide for the effects of Covid-19.

The bank says the December 2019 results were within the expected parameters given the prevailing operating environment.

It, however, says the overwhelming impact on the December 2020 results was the difficult trading environment created by Covid-19, which the banki...

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