Industry headwinds halve Stanchart�s profits

Moatlhodi Lekaukau, Standard Chartered CEO. PIC: MORERI SEJAKGOMO
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.

Editor's Comment
Give Mogoditshaneits roads!

Residents have been patiently waiting since 2021, and what do they get? A tangled mess of bureaucratic delays, tender disputes, and frankly, a lack of clear answers from those in charge.The recent proceedings at the Public Procurement Tribunal have exposed a worrying level of incompetence and confusion within the Mogoditshane-Thamaga Council. This has also been noticed at various cases becoming before the Tribunal where it appears that if those...

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