Stanbic Bank Botswana (SBB) has credited technology as one of the core drivers of the bank's impressive financial performance in 2023. The bank recorded a P484 million profit after tax.
According to the bank's financial results for the year ended 31 December 2023, SBB spent P129 million on investments in its technology resources, which represents 15% of its P861 million spent on operating expenses.
"We have invested actively in our infrastructure, systems, and technology, allowing us to achieve greater levels of operational efficiency and innovative capabilities," said SBB board chairperson Dr Tebogo Matome.
"We see these two factors, being people and technology, as crucial levers which secure our competitive advantage within the banking sector."
Going into the new current financial year and beyond, the bank intends to continue leveraging innovation and technology to create new opportunities and value at scale and improve efficiencies and support structural cost reduction.