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.
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...