Industry headwinds halve Stanchart�s profits
Tuesday, August 18, 2015
Moatlhodi Lekaukau, Standard Chartered CEO. PIC: MORERI SEJAKGOMO
In its financials published yesterday, the country’s oldest bank said profit after tax fell 61 percent to P66.2 million, with the high cost of sourcing deposits effecting a big dent on operating income.
Despite the bank’s interest income rising eight percent to P440 million, tight competition for deposits saw interest expenses almost double to P198 million, leading to a significant decline in net interest income.
‘When you make peace withyourself, you make peace with the world’- Maha GhosanandaThis may come at a huge cost if not handled properly. What started off on Labour Day in Letlhakane this year, where Boko was in attendance when the militant lawyer-cum-trade unionist, Robert Rabasimane rebutted the President’s address in defence of the trade union has seemingly spiralled out of control. The issue is now creating a cat-and-mouse type of a...