Stanbic pretax profits up 11%

Thursday, April 25, 2024 | 330 Views |

For the people: Stanbic Bank representatives in Letlhakane during an event. The bank has doubled down on its customer-focus and digital platforms PIC: FACEBOOK

Stanbic Bank Botswana’s pretax profits for the year ended December 2023 came in 11% higher year-on-year at P661.1 million, helped by its corporate and investment banking division and restrained growth in operating costs.

According to the full-year results published on the Botswana Stock Exchange, Stanbic’s corporate and investment banking unit recorded pretax profits of P348.6 million, compared to P258.9 million in the prior year, representing a 35% increase.

Profits within the bank’s business and commercial clients unit fell by about 15% to P167.9 million in the year to December 2023, while the use of data analytics in the personal and private banking unit resulted in improved net interest income growth of six percent despite increased borrowing costs. Directors noted that profitability in the business and commercial client unit was affected by a once-off credit recovery in 2022 that skewed the performance last year.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.