Local commercial banks continued their record-breaking performance this year, with their collective profits rising to P1.33 billion in the third quarter.
According to the latest Bank of Botswana numbers, August was the most profitable month within the third quarter for local banks, as they raked in a collective P197 million. August’s profits were also the highest for the year up to September for the banks, followed by P190.4 million in May.
In the first six months of the year, local banks hauled in collective profits of P860 million, the third highest level in the country’s history.
Experts previously attributed the trends to the strategic interventions banks had been taking in previous years, such as diversification of revenue streams and the introduction of tailor-made products and channels for customers.