27 Mar 2013

BancABC Botswana’s profit of P94 million was 237 per cent ahead of P28 million achieved in the previous year.

This was said by ABC Holding group chief executive officer, Mr Douglas Munatsi, when presenting the ABC Holdings Limited’s audited group results for the year ended December 31, 2012, on Tuesday.

ABC Holdings group CEO said BancABC’s total income improved from 146 per cent from P116 million to P285 million on the back of an increase in both volumes and margins.

Mr Munatsi also noted that ABC Holdings had outstanding results for the full year to December 31, 2012 reporting a record growth in revenues and profits, thereby confirming its growing strength in the Southern African retail banking sector.

ABC Holding’s 2012 results, he said, represented a landmark and reflected excellent all-round performance, which proved that “our strategy and investments have been prudent, appropriate and effective.”

Driven by the Group’s concerted expansion in the retail banking sectors of Botswana, Mozambique, Tanzania, Zambia, Zimbabwe, the group CEO said their total income surpassed the P1 billion mark for the first time, standing at P1 087 million against P659 million in 2011.

Mr Munatsi also noted that the total deposits rose by 45 per cent from P7.4 billion to P10.7 billion, whilst loans and advances increased by 50 per cent to P9.1 billion.  He also said the significant investments made in retail banking in recent years were now generating substantial and sustainable returns, adding that “in 2012 we grew the number of branches to 61 from 49.”

Furthermore, Mr Munatsi said BancABC had now achieved critical mass in retail banking in Botswana, Zambia and Zimbabwe.

However, he said although there were some challenges in Tanzania and Mozambique, the group was confident of gaining traction in these markets also.

“Our corporate ethos and, most importantly, our people have shown that we have the skills and the willingness to tackle both adversity and exploit opportunity for the benefit of our investors and stakeholders,” he added.  ENDS