Absa profit jumps 36%

Monday, September 19, 2022 | 500 Views |

Keabetswe Pheko Moshagane PIC: PHATSIMO KAPENG

Absa Bank Botswana has seen a 36% increase in profit before tax recording P395 million, according to the group’s financial results for the year ended June 30.

The main drivers behind the improved profitability were an eight percent increase in net interest income, together with a 72% reduction in credit losses, a 42% increase in trading income, and a seven percent increase in net fees and commission income.

Commenting on the profit, Managing Director Keabetswe Pheko-Moshagane said the bank maintained a strong liquidity position during the first half of the year despite prevailing market challenges.

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