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.
It is a clear signal that the government’s purse is empty and that our own behaviour has left veterinary officials fighting with one hand tied behind their backs. We have been here before. During COVID-19, many of us thought we knew better. We ignored simple rules, we carried on as if the danger was someone else’s problem, and the virus took lives and left our economy on its knees. We are still broke from that experience. Yet now, with FMD...