The increase was attributed to the improved net interest income, higher fee and commission income, and disciplined cost management. The bank’s CEO, Keabetswe Pheko-Moshagane, said the growth was primarily driven by improved net interest income, higher fee and commission income, and disciplined cost management. Total comprehensive income increased from P644.5 million in 2023 to P836.2 million in 2024, reflecting stable profitability and strong operational execution. During the reporting period, the bank’s Retail and Business Banking (RBB) was the strongest performer, with profit before tax growth of 37.4%, benefiting from retail lending expansion. Corporate and Investment Banking (CIB) delivered steady growth, with profit before tax up by 12.6%. Retail banking saw a stronger expansion in both loans and deposits, reflecting consumer confidence and the success of the bank’s retail lending strategy.
Meanwhile, corporate banking maintained a stable funding position, with moderate loan growth and a steady deposit base. The bank’s liquidity and capital position remained robust, supporting continued lending activity whilst ensuring prudent risk management. “Disciplined cost control helped sustain profitability, reflected in a 49.7% cost-to-income ratio. Impairments remain a watch area, growing by 16.9%, though well managed within the bank’s risk framework,” she said. The bank maintained a strong balance sheet position in 2024, reinforcing its financial stability and growth momentum. Total assets increased by 3.7 percent, reaching P25.51 billion in 2024, compared to P24.60 billion in 2023. Loans and advances to customers grew by 5.1 percent, from P16.57 billion in 2023 to P17.42 billion in 2024, reflecting the bank’s commitment to sustainable lending growth.
