Economic Rebound Helps Stanbic's Balance Sheet

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Despite tough trading conditions in the domestic market in 2007, Stanbic Bank Botswana used a rebound in the economy at the close of the year to position itself, resulting in a positive set of results.

According to its financial results for the 2007 full year, the bank saw growth in profit after tax jump from P89.4 million in 2006 to P110.7 million in 2007. The charge represents a 23.8 percent growth.

The Managing Director for the unlisted bank, Dennis Kennedy, says the improvement, which came as a result of Government's infrastructure development and the current mining boom, increased downstream loan demand across a range of sectors.

Editor's Comment
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