Absa Bank Botswana anticipates substantial profits from its half year results for the period ended 30 June 2022. The bank announced this week that its profit before tax is expected to be higher by between 30 to 40 percent than what was reported for the same period ended 30 June 2021, which amounted to P290 million. Absa Board Chairman, Daniel Neo Moroka said approximately P87 million to P116 million will be recorded in profit before tax.
The development comes on the backdrop of Absa Group reporting strong financial performance in the first half of the year with profit increase of 23 percent to P22.8 billion driven by good operational performance across all its markets.
Sitting among the top four commercial banks, Absa is one of the bank geared towards creating a customer focused service to retain customers. As part of its efforts to have a substantial stake on the market, the bank recently opened a fully-fledged SME Banking Centre, fully managed by the Centre Manager with the SME team comprising of Relationship Managers and SME bankers. The new centre further cements the bank’s efforts to grow and invest in local small, medium enterprises (SMEs).
“As Absa Bank Botswana, we consider ourselves a responsible citizen and recognise the immense role we play in supporting Botswana and her people. We recognise the critical role that SMEs play in national development. “In this regard, we are excited to be launching the centre as it demonstrates our commitment to supporting the SME sector. As a bank, we understand that we are in a unique position to serve SMEs by using our core assets and positive influence,” said Absa Acting Managing Director, Krishnan Menon.
Through its Enterprise Development pillar, the bank offers innovative financial solutions and business development support services to small and medium businesses to nurture entrepreneurs. “Absa Bank Botswana is dedicated to leaving a positive impact in society as well as becoming a purpose driven financial services organisation.
“We remain alive to the needs of our communities and are dedicated to bringing possibilities to life,” said Menon. Absa is among the biggest banks in Botswana.