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Auditor’s Report: First National Bank of Eswatini Limited

Mbabane, Eswatini - October 30, 2023

We have audited the financial statements of First National Bank of Eswatini Limited (the “Bank”) for the year ended June 30, 2023. Our opinion is based on the audit evidence we obtained and is not qualified in any way.

Responsibilities

The directors are responsible for the preparation and presentation of the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the Bank and applicable law. Our responsibility is to express an opinion on these financial statements based on our audit.

Audit Approach

We conducted our audit in accordance with International Standard on Auditing (ISA) 700, Forming an Opinion and Reporting on Financial Statements. We believe that our audit provides a reasonable basis for our opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Bank as at June 30, 2023, and its financial performance and cash flows for the year then ended in accordance with IFRS as adopted by the Bank and applicable law.

Financial Highlights

  • Net interest income: E'440.8 million (E'371.4 million in 2022)
  • Non-interest revenue: E'464.8 million (E'428.1 million in 2022)
  • Profit before income tax: E'326.7 million (E'287.3 million in 2022)
  • Profit for the year: E'245.3 million (E'209.2 million in 2022)

Key Financial Ratios

  • Return on equity: 21.1% (20.5% in 2022)
  • Return on assets: 2.8% (2.6% in 2022)
  • Net interest margin: 3.4% (3.5% in 2022)

Notes to the Financial Statements

The financial statements include notes that provide additional information about the Bank’s financial position, performance and cash flows.

Auditor’s Qualifications

We did not identify any material weaknesses or significant deficiencies in internal control over financial reporting that could have a material impact on the financial statements. However, we did note certain areas for improvement in the Bank’s internal controls.

Contact Information

For further information about the Bank, please contact:

First National Bank of Eswatini Limited P.O. Box 1023 Mbabane, Eswatini Phone: +268 2401 3333 Email: info@fnbe.sw

About the Auditor

Our firm is a licensed auditing firm in Eswatini and has been providing audit services to the Bank for several years. Our team of experienced auditors has a deep understanding of the financial services industry and is committed to delivering high-quality audit services.

Disclaimer

The information contained in this report is intended solely for the use of the Bank and its stakeholders and may not be copied, reproduced or distributed without our written permission.