In the first six months, Barclays committed significant amounts of funds in its branch expansion programme, human resources development and a new direct sales channel.
Commenting on the strong results, which saw earnings per share also firm to 17 thebe, Barclays Managing Director, Thuli Johnson, said the investments have increased their footprint across the country by 11 branches, giving banking access to more people.
Net interest income increased by 27 percent while foreign exchange income also contributed significantly to the strong results. "The bank is pleased to announce strong first half growth led by continued strong treasury and retail performance. Our results reflect our increased confidence in Botswana and mirror the significant investment made by the bank in the first half of the year. "The second half results should be more reflective of these investments which also include our new call centre as well as significant spending in marketing and advertising which have led to higher negative jaws between income and cost," said Johnson.
Driven by the investment funding commitments, operational expenses for the period increased by 44 percent to P209 million. The bank has also proposed a 9-thebe dividend for the shareholders.
