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Bank profits soar even higher

MBONGENI MGUNI
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.

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The six month figures were nearly 64% higher than the corresponding period in 2017, while the nine-month profits (up to the third quarter) were 59% higher than the same period last year.

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.



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