Standard Chartered Bank Botswana anticipates highest increase by up to P180 million in profit before tax during its full year ended December 2022 financial results.

The bank announced that its profit before tax will be approximately between 224 percent and 234 percent higher than the P77 million reported in the year ended December 2021. The results shall be published before the 31 March 2023.

During the half year ended June 2022, the bank reported six percent decline in profit before tax to P71 million due to non- recurrence of a significant expected credit loss ( ECL) release recorded in the first half of 2021, mainly from the Consumer, Private and Business Banking portfolio ( CPBB). Total Loans and advances to customers declined by nine percent to P7.9 billion. The bank saw positive signs of recovery for asset volumes in the second quarter of 2021 after a slow start to the year. The CPBB assets were relatively flat, with marginal growth in Personal loans offsetting a decline in mortgages.

Presenting the half year results, Standard Chartered Bank Botswana Managing Director, Mpho Masupe stated that they remain confident that they will deliver a sustainable performance in 2022 leveraging of economic tailwinds and adequate management of possible headwinds. He said the Bank is making good headway towards the delivery of its 2022 strategy, given the dynamic economic environment both locally and internationally. “As the Bank continues to manage the remnants of Covid, the pandemic has cemented digital as the preferred channel, therefore making our unique digital capabilities a source of competitive advantage.”

During 2022, the bank launched a comprehensive suite of onshore renminbi ( RMB) financial services which is the first in the Botswana market and provides customer access to onshore RMB current accounts, trade facilities, foreign exchange spot and forward solution, investment solutions such as Bond connect, CIBM Direct and corporate loans, amongst others.