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
Botswana must not be a flag of convenience for rogues

‘A man’s country is not a certain area of land, of mountains, rivers, and woods, but it is a principle and patriotism is loyalty to that principle’.- George William CurtisAccording to the report carried in this publication, the fraudsters operating the so-called “dark fleet” have selected Botswana’s flag as their cover of choice. This is a direct assault on our country’s most valuable asset, the good name.For decades, Botswana has...

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