Bank Gaborone�s recovery firms as profits double
Tuesday, October 17, 2017
The bank’s net profit after tax (PAT) shot up by 97.6% to P35.8 million for the financial year ended June 2017 compared to P18 million in the prior year, and realising a return on average of 10.4%.
In a commentary accompanying the financial results, managing director of Bank Gaborone, Sybrand Coetzee said this was the second consecutive year of profit growth in excess of 90%, emphasising the consistent performance of the bank. Net interest income increased by 36.9% from P133.8 million to P183 million, which is attributed to a reduction in cost of funding as a result of improved liquidity in the market compared to the previous year.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...