BSB profits up 147% despite challenges

Half year results shared with investors on the Botswana Stock Exchange (BSE) this week attribute the profit before tax growth to higher fee and commission income, which witnessed a substantial increase of 105% year on year, primarily driven by the improved performance of savings accounts.

Total expenses increased by 5% year on year, largely due to the bank's investment in its digitisation journey. Directors said the BSB’s focus now is to have 200 new agency branches and launch a digital banking solution. Expenses during the period included investments in various IT solutions to enhance the bank's cyber security framework.