Sound financial performance at First National Bank Botswana (FNBB) has seen the bank scoop the prestigious Euromoney 2010 Awards for Excellence in London early this month, a statement from the bank has announced.
The bank managed to win the award ahead of Standard Charted Bank and Barclays Bank that have won the award in the past. However it’s not the first time FNBB bank has won the award, in 2004 FNBB won the same award.
Commenting on their achievement Richard Wright Deputy chief executive officer at FNBB said “the award is a testament to the hard work and dedication of our staff.”
The Bank wins the award at a time when most financial institutions are still reeling from economic challenges caused by the global economic downturn. Like every financial institution FNBB also experienced a big hit during the 2008- 09 global financial crises resulting in some set backs.
Currently FNBB profits have grown by 9% since 2009, furthermore, the deposits increased by 8% to $1.5 billion and the loans increase by 17% to $562 million. It has a low non-performing loan ratio of 2.6% which compares to a sector average non performing loans ratio of 5.1%
Euromoney awards have been present since 1992 and they have incorporated 25 global awards for banking and capital markets. They recognize financial institution and individuals that have shown novelty and stability and FNBB is the chosen bank in Botswana.
Best bank award is awarded on both geographical coverage of a region and best practice within that region.
