Standard Chartered Bank Botswana has recorded a profit before tax of P477 million, up 19% from the P402 million recorded during the same period last year.
Net interest income, which is the difference between the cost of liabilities like deposits and assets like loans, increased to P866 million from P806 million recorded in 2023. Meanwhile, operating income stood at P1.1 billion (up 2% YoY) against operating expenses of P612 million, down from the P663 million recorded in 2023.
SCBB's financial position shows that the company advanced P8 billion in loans (down 5%) to customers, contributing to a total of P18.4 billion in assets. On the liabilities column, customer deposits stood at P14 billion (up 5%), contributing to a total of P17 billion in liabilities.
Segment-wise, SCBB's wealth and retail banking division, which the bank is in the process of putting up for sale, recorded a profit before tax of P294 million (P184 million in 2023), driven by a net operating income of P719 million (P646 million in 2023).
"Our strategy to pivot to a Corporate and Investment Bank has progressed, we have successfully realigned our portfolios to concentrate on specific client segments. These client segments include; Banks and Non-bank financial institutions, Government and Government Related Enterprises, Multinational Corporates, and Development Organizations," said SCBB.
On the other hand, the corporate and investment banking division saw a drop in profit before tax from P219 million to P184 million, driven by the Net operating income drop down to P347 million from the P394 million recorded in 2023.
Following the results, SCBB declared a final dividend of 105.527 thebe per ordinary share.
"In 2025, we will continue to leverage our formidable network to sharpen our focus on serving our Corporate and Investment Banking clients. Our crossborder capabilities and advisory suite are unparalleled and provide a world class experience to meet our clients’ complex and large-scale needs," SCBB said.
"These re-focused priorities will further enable the Bank to support the various government initiatives which will lean heavily towards economic recovery, diversification and infrastructure. Additionally, we will sustain the positive momentum and performance in Wealth and Retail Banking by leveraging our strong local presence and comprehensive international network, even as we await the full roll out of the envisaged sale process."