Stanchart profits jump 59%

SCBB MD Mpho Masupe PIC: MORERI SEJAKGOMO
SCBB MD Mpho Masupe PIC: MORERI SEJAKGOMO

Standard Chartered Bank Botswana's (SCBB) profits before tax grew by 59% to P403 million in the year ended December 2023, anchored by strong performances across its various segments.

Unveiling the group’s financial performance on Wednesday, officials said the growth was primarily driven by transaction banking, strong cash management solutions, migration to digital, trade financing, differentiated and high-yielding derivative solutions, and robust securities services offerings. In the last financial year, SCBB managing director, Mpho Masupe said the bank delivered a strong set of financial results with excellent performance in income and profit before tax.

“This outstanding performance was driven by the focused execution of our ambitious three-year strategy, which is in its second performance and proving to be fit for purpose, in this dynamic operating environment,” he said. Customer total loans and advances increased by 10% to P8.6 billion largely driven by facility utilisation within the Corporate, Commercial Institutional Banking (CCIB) segment. The CCIB portfolio comprises banks and non-bank financial institutions, government and government-related enterprises, and multinational corporations and development organisations.

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