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Banks’ rake in P1bn in profits

MBONGENI MGUNI
Bank of Botswana
Local banks continued laughing all the way, as their collective profits for the first seven months of the year touched P1.02 billion, comfortably the highest for that period in the country’s history. 

Over the same period last year, collective profits of the country’s commercial banks reached P978 million which was also then a record. Banks rounded off 2018 with collective profits of P2.02 billion, yet another record. 

Bank of Botswana figures released this week show that the record profits in the first seven months of the year were powered by higher net interest income of P2.5 billion compared to

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P2.2 billion for the corresponding period last year. 

In addition, the first seven months of the year had lower bad and doubtful debts, amounting to P320 million, compared to P375 million for 2018. 

The stronger overall performance this year was supported by generally positive data coming from the listed banks, who by virtue of Botswana Stock Exchange regulations, are required to publish periodic financial performance figures.

 



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