Access Bank Botswana is forecasting a 230%-240% profit before tax increase in its latest financial results to be released, translating to a P41 million-P43 million profit increase.
According to the bank, the growth is driven by significant investment in people, infrastructure and technology post-acquisition by Access Bank Plc in 2021.
"Our performance continues to show improved results on the back of increased volumes in trading and non-interest income due to key innovative products that have been launched, including good customer uptake for these products and services," the bank told shareholders.
In June, Access Bank Plc, the pan-African bank in 16 markets, reduced its stake in the Botswana subsidiary to comply with the Botswana Stock Exchange (BSE) listing requirements. From 2019, the BSE has required listed companies to have a minimum of 30% of their shares available to the public for trading.
Between June 27 and 28, Access Bank Plc sold 59 million shares for P116 million ($8.6 million), reducing its stake from 78.15% to 70%.