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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.

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Editor's Comment
Celebrate responsibly, put safety first this holiday

“Safety first is safety always”– Charles M HayesAs most people begin travelling across the country to spend the President’s Holidays with family and friends, there is every reason to embrace the joy and togetherness that this period brings.While holiday periods bring joy, they are sadly often accompanied by a rise in road accidents, violent incidents and other avoidable tragedies. Too often, families that set out to celebrate together end...

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