Bank Gaborone bounces back to profitability

Friday, November 25, 2016

Bank Gaborone has been operating in Botswana for 10 years

Bank Gaborone made a profit after tax of P18 million in the year ended June 30, 2016 from a loss of P21.6 million in the previous year as cover for bad debts reduced by almost half.

While the 45% drop in impairment charges to P21 million helped shore up profits, the bank also gained from a 30% rise in net interest income to P133 million.

“Cost to income ratio reduced from 92% in June 2015 to 73% as at June 2016, mainly due to increase in net interest income, while costs decreased marginally following an enhancement of the effectiveness and efficiencies of processes,” said the bank.

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Bank Gaborone bounces back to profitability

Bank Gaborone made a profit after tax of P18 million in the year ended June 30, 2016 from a loss of P21.6 million in the previous year as cover for bad debts reduced by almost half.