Stanchart bounces back to profitability

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.