Industry headwinds halve Stanchart�s profits

Tuesday, August 18, 2015

Moatlhodi Lekaukau, Standard Chartered CEO. PIC: MORERI SEJAKGOMO

A tough trading environment in the banking sector characterised by low interest rates and tight liquidity has slashed Standard Chartered Botswana profits by more than half in the first half of the year.

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.

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Industry headwinds halve Stanchart�s profits

A tough trading environment in the banking sector characterised by low interest rates and tight liquidity has slashed Standard Chartered Botswana profits by more than half in the first half of the year.

42 out of 45 bodies of Limpopo bus crash victims identified

Selefu

Selefu

Civil Society threatens court action over constitution amendment

Fans urged to fill up stadium

Coaches take jabs ahead of derby

A city divided!

Civil Society threatens Masisi with legal action

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