Banking group FNB is growing its wealthy customer base in South Africa.
Banking group FNB says it has expanded its customer base over the last year, now counting 8.25 million active retail customers – almost a quarter of which are high-income.
“This reflects FNB’s strategy to provide enhanced and appropriate product propositions as customer needs change.” However, FNB said that its analysis of affordability suggests that low-to-medium-risk customers still have the capacity for credit and a propensity to take up a broader range of products. “The 12% increase in the group’s normalised earnings was driven by good topline growth, reflecting continued momentum in new business origination in all large lending portfolios, ongoing growth from the deposit franchise and the performance of the group’s transactional franchise,” it said.
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