FNBB's CashPlus agencies bring in P1.7bn
Pauline Dikuelo | Tuesday February 21, 2023 06:00
CashPlus is the bank’s extension which offers both FNBB and non-FNBB customers an option to perform cash deposits, withdrawals, and e-wallet withdrawals or purchase electricity or airtime. The agents are independent and located across the country. Presenting the bank's financials recently, CEO Steven Bogatsu said they are committed to empowering local businesses noting that they do offer overdrafts to CashPlus agents to assist them with cash flow as they start the business. “Looking at the value of the transactions that were made during the reporting period by the CashPlus agents, they are indeed doing well and we are here to support them,” he said.
According to Bogatsu, as demonstrated by the success of extending the banking services to more remote locations through CashPlus, it is fundamental to their objectives that they build a shared future of prosperity through enriching the lives of their customers, employees, and society in general. During the reporting period, the bank’s balance sheet increased by seven percent with good growth in advances and deposits which was attributed to an increase in deposits in line with the funding requirements of the bank as it continued to extend advances during the period. “The bank maintains a prudent approach to lending and recognises the need for responsible and manageable consumer exposure during times of uncertainty and most notably the recent impact of inflation and interest rate pressure,” he said.
The bank’s deposits from customers grew by six percent to P21.6 billion compared to the P20.4 billion that was recorded in the prior year's corresponding period. The commercial segment experienced growth of eight percent aligned to strong customer growth while the retail segment remained flat and the corporate segments experienced moderate growth. “FNBB remains well-funded with a loan-to-deposit ratio of 73% and has access to additional funding from the market,” he said.