We have extracted the financial summary from the full year abridged report of Standard Chartered Bank Botswana Limited listed on the Botswana Stock Exchange under the share code STANCH.bw. Standard Chartered is the oldest financial institution in Botswana and operates operating in the retail, corporate and institutional banking sector.
The following is an excerpt from the full year abridged report:
Business and Financial Performance Review
Despite the headwinds, the bank returned to profitability posting a Profit After Tax of P24million, up from a loss incurred in 2017 (P189 million). Although top line performance remained subdued, mainly as a result of contained growth during the first half of the year, there was strong performance in overall cost management due to efficiency improvements across the business. There was an overall 11% reduction in costs, mainly from the administrative and business support cost lines.
The portfolio, mainly across the Corporate segments was substantially reviewed and optimally rebalanced, results of which are reflected by an overall decrease on non performing loans from 7.1% to 3.3%. This is part of the wider initiative to secure income foundations for sustainable growth and creating long term value.
Although reflecting a year on year flat trend on customer deposits, market share remained relatively stable at 17%. However, market c