BancABC profits plunge 50%
Thursday, October 02, 2014
In the period, the banking group recorded a 53 percent fall in profit after tax to P59 million largely due to a combination of high impairments, reduced business volumes and a squeeze in margins.
“This was exacerbated somewhat by the fact that huge investments were made in people, systems and infrastructure on the back of projected increase in business volumes. Consequently costs have increased at a higher pace than revenue which was broadly flat when compared to the previous year,” said Group CEO Douglas Munatsi in a commentary.
While it is widely acknowledged that Khama holds the title of Kgosi, the government’s failure to properly gazette his recognition has raised serious concerns about adherence to legal procedures and the credibility of traditional leadership. (See a story elsewhere in this newspaper.) Recent court documents by the Minister for Local Government and Rural Development, Kgotla Autlwetse, shed light on the intricacies of Khama’s recognition process....