Stanchart bounces back to profitability

Masupe says SCBB is back from its losses PIC: KENNEDY RAMOKONE
Masupe says SCBB is back from its losses PIC: KENNEDY RAMOKONE

Standard Chartered Bank Botswana (SCBB) has posted a P28 million profit before tax for the half-year ended July 30, 2018, marking a return from a period in which the bank sank into hundreds of millions of pula in losses.

For the same period last year, Stanchart Botswana recorded a P66.5 million loss, owing to heavy impairments from a client in the diamond business.

The bank ended up with a P189.3 million loss for its full year ended December 31, 2017, one of the steepest losses by a local bank in many years. On Wednesday, when unveiling the improved results, SCBB CEO Mpho Masupe said the bank had managed to clean its books of the poor performance, with signs of improved positivity. “It was individual impairments that were affecting the bank. However, we are going to get back to the positive as we have controlled what has been troubling the bank for the past three years,” he said, in a briefing to media and analysts.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

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