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
Keep your mask close

Wearing of masks behind closed doors has been mandatory following the government’s August decision that the public was freed from masking in outdoor spaces.According to a press statement from the ministry, all other remaining COVID-19 protocols such as social distancing in schools and requirements for vaccination or PCR tests at ports of entry have also been relaxed.Statistics still show that hundreds still die daily due to the pandemic around...

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