FNB banks on digital domination as it fends off newcomers

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FNB CEO, Jacques Celliers said the bank's multi-decade investment in its digital capabilities has "opened a sky" between FNB and its competitors.
FNB CEO, Jacques Celliers said the bank's multi-decade investment in its digital capabilities has "opened a sky" between FNB and its competitors.
Elvira Wood

FirstRand fared better than all its competitors who have reported their financial results up to June 2020, and its biggest unit, FNB, got a lot of credit from FirstRand CEO Allan Pullinger for helping the group to navigate the Covid-19 turbulence.

FirstRand's headline earnings declined 38%. In comparison, Standard Bank posted a 44% decline in earnings. Absa's tanked 93%. Nedbank was down 69.2% and Capitec is expecting its headline earnings to fall by as much as 82%.

When it comes to credit impairment charge that banks have to put aside for bad debt, especially now that many of their customers took up payment holidays and some are out of work, FirstRand still recorded the lowest increase at 132%. It is, however, worth noting that FirstRand was reporting results for 12 months while for the rest of the sector, these were interim results.

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