Access Bank Botswana Managing Director, Kgotso Bannalotlhe is confident the bank’s positive growth trajectory will be attained into the future. “Our financial performance for 2021 reflects the intricacies of a transition year, but we assure stakeholders of our continued focus to build an impactful bank with attractive return profile,” said Bannalotlhe, in the bank’s 2021 annual report. He said the bank is undoubtedly better positioned for growth in the future, citing that the decline in profitability was due to unique one-off costs.
According to Access Bank’s Finance Director, Ratang Icho-Molebatsi, the balance sheet achievements did not translate into the income statement growth as the institutions’ impaired financial assets during the transition period and also incurred additional expenses related to integration to Access Bank Plc, which significantly reduced profitability in the transition year for the Bank.
However, Icho-Molebatsi is also optimistic the bank has potential to do well into the future. “We have started to see good economic growth. There is an upward pressure on inflation, with some of this coming from the ongoing Russia and Ukraine Conflict, which is having a negative impact on oil prices, natural gas, wheat and sunflower products prices.
“The Bank remains optimistic about its overall strategic journey and the medium term potential over the strategic horizon for the business – especially as the economy starts to rebound,” said Icho-Molebatsi, citing that next year will continue to be a year of transition. The bank has indicated that its profit before tax dropped by 82 percent to P21 million.
According to Access Bank’s Finance Director, Ratang Icho-Molebatsi, the balance sheet achievements did not translate into the income statement growth as the institutions’ impaired financial assets during the transition period and also incurred additional expenses related to integration to Access Bank Plc, which significantly reduced profitability in the transition year for the Bank.
However, Icho-Molebatsi is also optimistic the bank has potential to do well into the future. “We have started to see good economic growth. There is an upward pressure on inflation, with some of this coming from the ongoing Russia and Ukraine Conflict, which is having a negative impact on oil prices, natural gas, wheat and sunflower products prices.
“The Bank remains optimistic about its overall strategic journey and the medium term potential over the strategic horizon for the business – especially as the economy starts to rebound,” said Icho-Molebatsi, citing that next year will continue to be a year of transition. The bank has indicated that its profit before tax dropped by 82 percent to P21 million.
