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First National Bank of Eswatini Limited Reports Impairment of Advances

Eswatini, [Date] - First National Bank of Eswatini Limited has announced a significant impairment of advances for the year ended June 30, 2019.

Net Interest Income After Impairment of Advances

The bank’s net interest income after impairment of advances stood at E3,530,137, a decline from E3,432,110 in the previous year. The impairment was primarily driven by the bank’s exposure to certain assets that were affected by economic conditions and market fluctuations.

Provision for Impairment

The bank took a provision of E21,200 million to account for the impairment, which had a negative impact on its net income. Despite this setback, the bank reported a profit before tax of E285,291, down from E257,678 in the previous year. The decline was attributed to the impairment and other non-recurring items.

Key Financial Performance Indicators

  • Total assets: E16,434 million as at June 30, 2019
  • Customer deposits: Increased by 12% to E11,435 million
  • Capital adequacy ratio: Remained strong at 14.5%, above the regulatory requirement of 10%

Comments from Managing Director

“We are pleased with our overall performance for the year,” said [Name], Managing Director of First National Bank of Eswatini Limited. “We remain committed to supporting the growth and development of the Eswatini economy, and we will continue to focus on improving our risk management and control processes.”

Cash Flow and Dividends

  • Cash flow from operations: E1,002 million for the year
  • Cash outflow from investing activities: E14,582 million
  • Dividends paid: Totaling E100 million to its shareholders

About First National Bank of Eswatini Limited

First National Bank of Eswatini Limited is a leading financial institution in the country, providing a range of banking and financial services to individuals, businesses, and governments. The bank has been operating in Eswatini for over 50 years and has built a reputation for its stability, security, and customer service.