Bank profits reach P2.7bn in 2022

Monday, March 20, 2023 | 700 Views |

Cashing in: Local commercial banks are riding the crest of a wave

The country’s commercial banks recorded collective after-tax profits of P2.7 billion in 2022, comfortably their highest profits ever on record.

Previously, the highest after-tax profits the banks enjoyed was in 2018 at P2.02 billion. Bank of Botswana (BoB) figures released last week indicate that the collective net interest incomes of commercial banks rose to P5 billion last year from P4.4 billion in 2021.

Provisions for bad and doubtful debts in 2022 fell by about 85% to P72.1 million, as banks reaped the rewards of tighter risk controls put in place since the pandemic broke out.

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Bank profits reach P2.7bn in 2022

The country’s commercial banks recorded collective after-tax profits of P2.7 billion in 2022, comfortably their highest profits ever on record.