Absa H: 1 profits high
Absa Botswana, the publicly listed company on Wednesday announced that the condensed consolidated interim results for the period ended 30 June 2023 will be higher than those reported for the 6 months period ended the year before.
The bank, which is led by Keabetswe Pheko-Moshagane, said profit before tax is expected to be higher, by between 10 - 20 percent (approximately P39 million to P79 million), than that reported for the 6 months period ended 30 June 2022, which amounted to P395 million. “The full details will be provided to shareholders at the announcement of the half year financial results due to be released on 14 September 2023,” said a notice signed by Board Chairman, Neo Moroka.
Shareholders of the company and potential investors have been advised to exercise caution when trading in the Company’s securities until the results are formally published. Meanwhile, writing on the bank’s latest annual report, the Absa Botswana MD noted challenges within the environment they operate on such as uncertain domestic, regional & global economic outlook due the geopolitical tensions, tightening monetary conditions, weaker commodity prices and adverse weather conditions.
“Despite these headwinds, we remain cautiously optimistic that we will successfully deliver our medium-term strategy with the support we continue to receive from all our valuable stakeholders. I remain confident in my leadership team’s ability to respond accordingly, but it is also important to note that the Botswana banking sector remains liquid and well capitalised,” said Pheko-Moshagane.