Stanbic Bank Botswana has posted a profit before tax of P950 million for the year ended 31 December 2024, 44% more than the P661 million posted in the financial year 2023.
According to SBB, the growth was mainly driven by "optimisation in processes and capital consumption."
Net interest income, which is the difference between the cost of liabilities like deposits and assets like loans, increased to P1.4 billion from the P1.1 billion posted in 2023. This was driven by a boost in interest income from P1.8 billion to P1.9 billion and a decrease in interest expenses from P646 million to P514 million.
Net non-interest income came in at P579 million (P520 million in 2023), boosted by the P467 million in fee and commission income.
Total loans and advances reached P23 billion and were the largest contributor to SBB's total P28 billion in assets. Deposits were P23 billion, contributing to the total P25 billion of liabilities.
Segment-wise, the Corporate & Investment Banking was SBB's best performer with a profit before tax of P420 million mainly driven by the P788 million in total net income. Personal & Private Banking followed suit with a total profit before tax of P346 million and Business & Commercial Banking with a PBT of P158 million.
However, it is worth noting that relative to 2023 figures, SBB's Personal & Banking division was the biggest grower in terms of PBT, which was P132 million in 2023.
"2025 outlook remains positive with government aspirations to invest heavily on social economics tackling low wages, youth unemployment and increased subsidies on utilities and other things. These correlate well with our purpose and vision centred around growing Botswana by optimising opportunities by excellent execution and exceptional client experience to drive sustainable growth and value,"SBB said.