Standard Chartered Bank Botswana releases H1 2018 results
Standard Chartered Bank Botswana Limited today announced the Bank’s half year results for the period ended 30 June 2018. The Bank returned to profitability during the first half of 2018, achieving profit before tax of P28 million against a loss of P66 million recorded for the same period in 2017. Impairment charges were significantly down during the six (6) months of the year, reflecting positively on portfolio rebalancing that was implemented at the onset of the year. Total operating expenses were 8% down year on year as the Bank continues to tightly control costs.
In line with market wide liquidity trends, customer deposits declined by 5%, with a marginal 3% decline in overall client assets. Driving the decline in overall client assets is a decision to reduce exposure in certain subsectors on the corporate book. However, the retail segment assets grew 5% year on year.
Commenting on the results, Standard Chartered Bank Botswana Limited Chief Executive Officer, Mpho Masupe said the Bank is poised to deliver on its strategy. “The results that we are presenting today are a validation that we are on the right track. We decisively took appropriate steps in response to challenges we faced during last year, and we have always ensured prudence guides the way we do business”.
Standard Chartered Bank Botswana Limited Chief Financial Officer, Mbako Mbo highlighted the strengths of the business; “our rebalanced portfolio is supportive of a sustainable growth path, the Bank’s balance sheet and the capital position remain strong and our costs are under control”. He further stated that International Financial Reporting Standard 9 (IFRS 9) is now effective and the Bank has fully implemented it and first half results incorporate effects of its adoption.
Masupe emphasized that as a more efficient and performing business, the Bank has greater confidence to implement more service and product enhancements throughout 2018, some of which have already been achieved. Speaking on technology, he said “Our digital capabilities, supported by our wide global network allows our business segments a greater degree of focus, cost-efficiency, convenience and innovative market access. Our easy to use mobile app offers transformative banking experience to our retail clients, while our corporate clients have increased control over their banking preferences through our award winning straight2bank platform.
Masupe concluded, “As the Bank looks to the second half of 2018 and beyond…
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Standard Chartered Bank Botswana Limited (STANCH.bw)Share price: 326.00 Thebe ▲ (1.00 | 0.31% – 28/03/23)
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