Bank profits up in Q1

Wednesday, June 08, 2022 | 1440 Views |

Higher and higher: Local banks proved resilient after COVID-19 hit in 2020 and their profitability has kicked on PIC: MORERI SEJAKGOMO

The country’s commercial banks recorded collective after-tax profits of P529.6 million in the first three months of the year, an increase of more than P77 million from the corresponding period in 2021.

The latest Bank of Botswana figures released recently indicate that the difference between the two periods was higher net interest income and lower provisions for bad or doubtful debts.

The banks’ performance in the first quarter of the year continues the sector’s recovery from the COVID-19 hit, which saw their collective after-tax profits declining by 13% in 2020 to P1.6 billion before improving to P1.9 billion in 2021.

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