Stanbic pretax profits up 11%

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.