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
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

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