FNB Eswatini posted a profit after tax of E268.8 million for the 2024/2025 financial year, maintaining its status as the leading financial institution in the kingdom.
This was announced by the bank’s Chief Financial Officer (CFO), Njabulo Dlamini, during its 2024/25 Annual Financial Results presentation held at its Head Office in Ezulwini on Thursday morning.
While the E268.8 million figure shows no change compared to the previous year, management emphasized that the results demonstrate the bank’s resilience, ongoing growth in core areas, and strategic investments for the future.
Dlamini recounted the bank’s progress from its initial profit of just E890,000 in 1995 to the current record of E268.8 million—a growth rate of 21% annually over three decades.
“This demonstrates that this business has great value, is sustainable, and is resilient. Over the years, despite shocks like COVID-19 and regional volatility, FNB has consistently rebounded stronger. That resilience paints a clear picture of our growth prospects going forward,” he said.
Examining the financial performance, the CFO noted an 18% increase in operating expenses, which he attributed to the bank’s intentional investments in staff and digital platforms.
“Staff expenditure makes up 43% of our operating costs as we continue to prioritize our people. We have increased our headcount, invested in staff development, and created an employee value proposition to make FNB a great place to work. We are also investing heavily in technology, which accounts for 10% of costs, to enhance our platforms and customer experience,” he explained.
He added that FNB had also boosted its investments in regulatory projects, channel enhancements, and cost-saving initiatives, while phasing out legacy systems to stay agile.
Expanding on this, the bank’s CEO, Thokozani ‘TK’ Dlamini, stated that some of the key initiatives undertaken during the financial year would position the bank for continued growth in upcoming years.
“We focused on employee experience—honoring our commitment to investing in our people, the driving force of our business, and fostering connections for success. Specifically, during the year, we successfully onboarded CIO and CMO functions at an EXCO level; staffed critical roles across the Retail and Commercial segments, as well as support functions like Human Capital and IT, to enhance business partnering and extract key insights,” he said.
The CEO also highlighted the projects the bank invested in over the last financial year.
“FNB Eswatini is now live on the Eswatini Payment Switch, enabling our clients to send money instantly to other local banks, eliminating traditional clearing times. We also completed the CMA EFT migration, transitioning clients from paying to CMA countries via EFT to the SWIFT channel, now accessible through Forex on the App. The bank launched its upgraded private banking service, improving the experience for our private clients to meet international standards. We reinforced our commitment to exceptional customer service and embedded integrated financial advice to further enhance our customers’ financial resilience. Additionally, we strengthened our role in supporting economic growth, especially as a leader in financing the agricultural sector. Our CIB team signed the first green loan for a solar power generation plant—the first of many such initiatives we plan to finance,” he emphasized.
Despite flat profit, the bank reported growth across its balance sheet: Total assets increased by 6% to E10.3 billion. Advances grew by 13% to E4.7 billion, while deposits rose 5% to E6.6 billion.
However, the cost-to-income ratio increased from 59.2% to 63.3%, reflecting the impact of significant investments in personnel and technology. Return on equity slightly declined but remains within targeted ranges.
“Our strategy is about investing in the short term for long-term sustainability,” the CFO concluded. “We are well-capitalized at E1.4 billion, giving us the strength to absorb shocks and continue investing in growth.”