BancABC backs Atlas Mara to maiden profit

Mudavanhu
Mudavanhu

Botswana domiciled, BancABC has abetted parent company, Atlas Mara to record its maiden profit since it was set up two years ago.

The London Stock Exchange-listed, Atlas Mara made a profit of $4.1m (P41 million) in the first half of the year compared to a $63.1 million (P631 million) loss in the same period last year.

Former head of Barclays, Bob Diamond and Ugandan entrepreneur Ashish Thakkar co-founded the company in 2013, aiming to build it into a leading bank in sub-Saharan Africa.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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