Business

Stanchart records marginal growth

Lekaukau
 
Lekaukau

Deposits from customers rose by one percent to P11.7 billion and loans to customers reduced by two percent, which was attributed to challenging market conditions.

Operating income remained flat year-on-year while operating expenses reduced by one percent to P335 million reflective of cost efficiencies realised in 2016.

According to the bank’s managing director, Moatlhodi Lekaukau at 19% capital adequacy ratio, the group remains well capitalised.

“The group continues to deliver strong shareholder value; earnings per share is P0.21 and return on average equity is 11.2%,” he said.

He further noted that the group continued to show resilience amidst a challenging trading environment, which has persisted from 2015 into the current year.

He added that the group saw a significant earnings recovery in the first half of the year culminating in first half income exceeding total earnings for 2015.

“Our operating costs are well controlled and marginally down on 2015.  The group has further strengthened its capital position, tightened risk tolerance and established more robust controls as it continues to focus on driving initiatives to realise long term sustainable gains,” said Lekaukau.

To deliver on the group’s sustainability agenda, he said they have continued to support sustainable growth of the country through the creation of long-term value and contribution to the society.

The group’s support to the Women’s Finance House Botswana (WFHB), also known as Thusang Basadi, towards financial inclusion is ongoing and in April the group’s efforts culminated in the launch of a branch in Sefhare.

This centre is the third to be opened since the partnership began, taking the number of low-income businesswomen accessing finance to over 11,000.