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Banks relish stellar earnings season

Rosy days: Stanbic Bank Botswana expects its pretax profits for the year ended December 2022 to be as much as P337 million higher than the corresponding period in 2021
Rosy days: Stanbic Bank Botswana expects its pretax profits for the year ended December 2022 to be as much as P337 million higher than the corresponding period in 2021

The country’s listed banks are enjoying one of their best earnings seasons in recent years, with pretax profits for the period to December increasing by up to 250% for some players, BusinessWeek has learnt.

Companies listed on the Botswana Stock Exchange’s (BSE) main Domestic Companies Index have until March 31 to file their full year and interim financials for the period to December 2022, under a listing rule that requires financials to be published within three months of the end of the reporting period.

Ahead of that date, four of the commercial banks listed on the BSE have notified the market that their pretax profits for the reporting period to December 2022, will be higher than the corresponding period in 2021.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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