- Global economic growth is projected to drop from 3.5% in 2022 to 3% in 2023 and 2024 due to the aggressive tightening of monetary conditions.
- Sub-Saharan Africa economies are under increasing pressure but are working for macroeconomic stability and sustainable growth. Growth is expected to decline to 3.5% in 2023 before rising to 4.1% in 2024.
- Botswana’s economy has continued to expand at a pace above the trend, recording 5.8% growth in 2022 primarily due to the pandemic recovery, exceeding the mining production.
- Botswana’s inflation averaged 7.8% in the first half of 2023 and is projected to average 4.9% in 2023, significantly lower than 12.2% in 2022.
- The Absa Bank of Botswana has shown stability and operational resilience, managing a 13% growth in profit before tax during the review period.
- Absa Bank of Botswana’s financial performance was in a solid state, growing by 2% and maintaining the year-on-year structural composition intact.
- For the 6-months period, operating costs remained under control and expected credit losses showed robust performance.
- Customer loans and advances grew by 5% year-on-year due to growth opportunities identified in the Retail and Business Banking (RBB) and Corporate and Investment Banking (CIB) sectors.
- The Bank posted strong capital and liquidity levels, standing at P3.6 billion, which represented a ratio of 22% post-dividend against the current regulatory limit of 12.5% at the end of the year.
- The bank has shown a commitment to sustainable development, particularly in education and skills development, inclusive financing, and environmental sustainability.
- On 30 August 2023, the Absa Bank of Botswana Limited Board approved an interim dividend of P123 million, translating to 14.43 thebe per share, payable on 18 October 2023 to those shareholders registered at the close of business on 06 October 2023.
About ABSA Bank of Botswana Limited (ABBL.bw)
ABSA Bank of Botswana Limited, commonly known as ABSA, is a financial services provider on the Botswana Stock Exchange (BSE). With over one million customers across Botswana, ABSA provides its customers with a wide range of banking and financial services, from personal banking to corporate banking, from asset financing to asset management. With a range of products and services designed to meet customer needs, ABSA provides customer service and advice. ABSA is further diversified with a global footprint that spans across Africa, with operations in seven African countries allowing customers to access financial services and products on a global scale.
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