Stanbic profits plunge
Wednesday, April 08, 2015
According to the bank, income declined to P666 million from P813 million in 2013 largely due to systematic pressures in the market, which include, the low interest rates environment, the freeze in bank charges increases as well as the prevailing liquidity squeeze.
On the other hand, costs increased for the country’s fourth largest bank by assets, as operational costs were catapulted by IT related costs while the costs of funds was pushed up by the tight liquidity in the market. As a result, the bank’s costs to income ratio deteriorated in 2014 to 66 percent from 47 percent in 2013.
While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...