BancABC profits plunge 50%

In the period, the banking group recorded a 53 percent fall in profit after tax to P59 million largely due to a combination of high impairments, reduced business volumes and a squeeze in margins.

“This was exacerbated somewhat by the fact that huge investments were made in people, systems and infrastructure on the back of projected increase in business volumes. Consequently costs have increased at a higher pace than revenue which was broadly flat when compared to the previous year,” said Group CEO Douglas Munatsi in a commentary.