Bank Gaborone�s recovery firms as profits double

The bank’s net profit after tax (PAT) shot up by 97.6% to P35.8 million for the financial year ended June 2017 compared to P18 million in the prior year, and realising a return on average of 10.4%.

In a commentary accompanying the financial results, managing director of Bank Gaborone, Sybrand Coetzee said this was the second consecutive year of profit growth in excess of 90%, emphasising the consistent performance of the bank. Net interest income increased by 36.9% from P133.8 million to P183 million, which is attributed to a reduction in cost of funding as a result of improved liquidity in the market compared to the previous year.