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Absa profit jumps 36%

Keabetswe Pheko Moshagane PIC: PHATSIMO KAPENG
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.

Editor's Comment
Get back what was stolen, and lock the door

That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...

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