Retail banking drives BancABC income past P1bn

BancABC ventured into retail banking two years ago from merchant banking and has continued on a growth path in all its business. It has improved profitability, balance sheet size and its composite market share.

Driven by the group's concerted expansion in the retail banking sectors of Botswana, Mozambique, Tanzania, Zimbabwe and Zambia, total income surpassed the P1 billion mark for the first time. The total deposits rose by 45 percent to P10.7 billion from P7.4 billion while loans and advances increased by 50 percent to P9.1 billion. Presenting the results in Gaborone this week, group CEO, Douglas Munatsi said the significant investments made in retail banking in recent years are now generating sustainable returns. "We are gratified with the solid growth experienced in the retail banking businesses which reached critical mass in Botswana, Zambia and Zimbabwe," he said.