Botswana Savings Bank has seen a remarkable 1520% growth in its profit after tax for the 6 months ended 30 September 2024. The bank grew profits from P3 million in the same period in 2023 to P53 million this year.
"The financial results for the period are of the final year of our ambitious three-year Lesedi Strategy (2022-2025), which continues to drive the Bank towards commercialisation based on added services and increased investment in technology," Botswana Savings Bank told shareholders.
The growth was primarily driven by growth in assets as well as the BSB Insurance Services, which contributed P24.2 million to the group's performance.
Net Interest Income grew by 91%, P126 million (2023: P66 million) which the bank attributed to a revised sales strategy, which included expanding the banks direct sales agency network and revising the maximum loan amount as well as extending loan tenure.
Net Advances grew by 93% compared to the previous period, reaching P4.3 billion (2023: P2.3 billion) and customer deposits increased by 63%, P4.4 billion (2023: P2.7 billion).
"Our ongoing digital transformation initiatives are anticipated to bring the much-needed efficiencies, cost reduction, and revenue growth," the bank added.
However, despite its good fortunes in the public markets, BSB says it is considering going private and that it is currently engagement with the government to facilitate the process.