Standard Chartered forecasts impressive results
Standard Chartered Bank Botswana profit before tax will surge by up to 244 percent during the six months period ended June 2023. The bank announced that the profit will be approximately between P166 million to P173 million higher than the P71 million reported during the six months ended 30 June 2022.
In its year ended December 2022, the bank experienced strong business growth with profit increasing to P201.8 million compared to P60.3 million recorded in the prior year. The results of the half year ended 30 June 2023 shall be published before 30 September 2023. Commenting on the financial results for the year ended December 2022, Standard Chartered Bank Managing Director stated that they are optimistic about 2023, largely based on the sound fundamentals that the bank have in place for sustainable business growth.
“Moreover, given the encouraging macroeconomic fundamentals and stable outlook, we are confident that these positive sentiments will translate into growth within the economy and thus giving us an opportunity to pursue business and deliver value to our shareholders.' During 2022 the bank’s core business delivered strong performance with corporate, commercial and institutional banking recording 69 percent growth to P290.8 million while consumer private and business banking recorded 22 percent increase.
After recovery from the Covid 19 pandemic, the bank strengthened its digital strategy and indicated that during 2023, it will continue to invest in partnerships and innovation. Masupe highlighted that the bank’s investments in digital platforms continues to yield results with costs declining by 27 percent year on year. “The digital strategy aims to avail a full digital experience to our clients for any transaction they undertake with the Bank. Credit impairments remain well controlled.
This is down from a significant loss of BWP 19mn recorded at the start of the Covid pandemic to less than one percent of the Segment profit as we continue in our quest of sustainable lending.”