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How we conduct our business


The financial statements are prepared on a going concern basis utilising the historical cost concept, modified for the revaluation of certain fixed assets, in conformity with International Accounting Standards and incorporate the following principal accounting policies which have been applied on a basis consistent with prior years

Change in accounting policies


Previously any benefits to staff in respect of accumulated leave were charged directly against income only when availed of by employees. All liabilities arising in respect of accumulated leave benefits are now recognised.

Basis of consolidation


The Group financial statements incorporate the financial results of the bank and its subsidiary and associated companies. Subsidiary companies are those in which the Group, directly or indirectly, has a long-term interest and over whose operations it has the power to exercise control. Subsidiaries are consolidated from the date on which effective control is transferred to the Group. All inter-company transactions and balances between Group companies have been eliminated.

Associated companies


Associated companies are those in which the Group holds a long-term equity interest and over which it exercises a significant influence. These include companies in which the Group has a 20 to 50 percent interest.

The post acquisition results of the associated companies have been accounted for in the Group financial statements using the equity method of accounting.

Account has been taken of the most recently audited financial statements of the associated companies. The equity accounted earnings, less dividends received, are taken to a non-distributable reserve.

No adjustment is made to the carrying value of the investments in respect of goodwill or any excess of net assets over cost which arose at the date of acquisition.

Investments


Securities are held for either trading or investment purposes. Securities held for trading purposes are stated at market value. Securities held for investment purposes are stated at book value and profits or losses are recognised on realisation.

In determining the book value of investments, securities with a fixed redemption date are stated at cost plus accrued interest. Where cost contains premiums or discounts on purchase, such amounts are amortised on a straight line basis over the period to redemption.

Securities are transferred between trading and investment portfolios at market value.

Where an investment security is held in lieu of an advance, such an investment is reflected as an advance and the dividend income derived is shown as interest received.

Other investments are stated at cost less any provision which, in the opinion of the directors, is necessary to recognise a permanent impairment to the value of those investments.

Loans and other advances to customer


Loans and other advances are stated after deduction of amounts which, in the opinion of the directors, are required as specific and general provisions.

Specific provisions are made against doubtful advances and contingencies. A general provision is maintained to cover potential losses which, although not specifically identified, may be present in any bank's portfolio of advances. The aggregate provisions which are made during the period, less amounts released and recoveries of advances previously written-off, are charged to the income statement.

Accrual of interest on an advance is suspended when specifc provision is made. Irrecoverable advances are written off when the extent of the loss incurred has been confirmed

Taxation


The tax charge is calculated on net income adjusted for permanent differences between tax and accounting income. The tax effects of timing differences, arising from items being brought to account in different periods for income tax and accounting purposes, are carried in the balance sheet as deferred tax credits or debits.

The liability method is used to provide deferred tax on a comprehensive basis. Account is taken of deferred taxation assets arising from taxation losses where, in the opinion of the directors, recovery of such losses is assured beyond reasonable doubt.

Instalment credit agreements


Instalment credit agreements are regarded as financing transactions and the principal balances are included in advances. Finance charges are credited to revenue in proportion to the capital balances outstanding in the balance sheet.

Property and equipment depreciation


Property and equipment are stated in the balance sheet at cost or valuation. Valuations of freehold and leasehold properties are carried out by qualified property valuers every fve years. Property and equipment are depreciated on a straight line basis over their expected useful lives as follows:

Freehold land and buildings: 50 years
Leasehold land and buildings: The lesser of the unexpired period of lease or 50 years
Motor vehicles: 4 years
Computer and offce equipment: 7 years
Furniture and fttings: 10 years

Foreign currency transactions


Assets and liabilities denominated in foreign currencies are translated into Botswana Pula at rates of exchange ruling at the balance sheet date or, where covered by forward exchange contracts, at the relevant contract rates.

Foreign exchange trading positions, including spot and forward exchange contracts, are valued at current market rates and the resultant profts or losses are accounted for in the income statement.

Retirement funding


The bank provides for retirement benefts by making payments to a pension fund which is independent of the bank. The fund is a defned contribution fund and the laws of the Republic of Botswana govern its administration. The pension fund is managed by Trustees who have appointed Alexander Forbes Financial Services to undertake the administration and Botswana Insurance Fund Management as asset managers.

Comparative figures


Where necessary, comparative figures are restated to afford proper comparison.

Financial reports


Financial Results for the Year ended 30 June 2016

View the Financial Results [1.17 MB] for the half year ended December 2016

View the Financial Results [735 KB] for the year ended 30 June 2016.

Financial Results for the Year ended 31 December 2015

View the Financial Results [664 KB] for the half year ended December 2015

View the Financial Results [92 KB] for the year ending 30 June 2015

Financial Results for the Year ended 31 December 2014

View the Financial Results [89 KB] for the year ending 31 December 2014

View the Financial Results [57 KB] for the year ending 30 June 2014

Archives

FNB is a commercial bank that operates nationwide in Botswana, providing retail and corporate banking. The parent company is FirstRand Group of South Africa and Rand Merchant Bank Holdings.

View the Interim Financial Results [104 KB] for the half year ended 31 December 2013

View the Financial Results [94 KB] for the year ending 30 June 2013

View the Interim Financial Results [104 KB] for the half year ended 31 December 2012

View the Financial Results [185 KB] for the year ended 30 June 2012

View the Interim Financial Results [565 KB] for the half year ended 31 December 2011

View the Financial Results [233 KB] for the year ended 30 June 2011

View the Interim Financial Results [406 KB] for the half year ended 31 December 2010

View the Year-End Results [7 MB] for the year ended 30 June 2009.

View the Interim Financial Results [2 MB] for the half year ended December 2009

View the Year-End Results [2 MB] for the year ended 30 June 2008

View the Interim Financial Results [2 MB] for the half year ended December 2008

View the Interim Financial Report [668 KB] for the half year ended December 2007

News + Insights


Stay updated + make informed decisions

Ensure you make the right decision before buying or selling property, and keep up to date with the latest financial reports and policies.

Property newsletter


Know when to buy, sell and invest


Staying up to date with the property market and its ups and downs will ensure you make more informed decisions when buying, selling or investing.

To read any of the property newsletters that appear in our online archive, simply click on the newsletter

Issue 4 - [3MB]

Issue 3 - [2MB]

Issue 2 - June 2008 - [2MB]

Issue 1 - January 2008 - [4MB]

Please note that some of these documents are large files and may take a few minutes to download.

*You need Adobe Acrobat Reader to open these files.

 

Accounting policies


Maintaining standards

When it comes to accounting, it is imperative that the right policies and standards are adhered to. View how we manage this section of our business.

Annual reports


Keep record of the past


What's been happening over the last few years when it comes to our business? Read all about it here.

 
 

Financial reports


Keep a sound track record


Financial reports tell you more about a company and how it fares in the markets. View some of the reports from the past few years.