26 Mar 2017

Standard Chartered Bank Botswana on March 24 announced the bank’s full year results for the period ended December 31, 2016.
According to analysts presentations at the announcement of results, the group’s performance in 2016 grew by 3 per cent on income in the face of the challenging macroeconomic environment.
 It was highlighted that business performance was impacted by a once off significant impairment charge in retail banking.
Profit before tax improved by 51 per cent and the group is making good progress against its strategic objectives. Disciplined focus on costs has been fingered to have created more capacity to invest in the key areas of infrastructure and people.
Commenting on the results SCB Botswana CEO, Mr Moatlhodi Lekaukau said 2015 was a challenging year for the bank.
He said it was important for the bank to turn the situation around, and that the results presented were an indication that initiatives undertaken and commitment by staff realised significant growth.
“Despite the challenges of 2015 the group remained committed to delivering on medium term strategy into 2016 that was underpinned by people, service delivery, stronger control environment and employee banking. Collectively these have contributed to ensuring that our balance sheet remained resilient whilst creating value for our customers and stakeholders,” he said.
Mr Lekaukau further indicated that 2016 brought with it key achievements. The commercial banking segment registered a 6 per cent increase in total income despite the challenges in the operating environment.
Delivering the results the chief financial officer, Mr Mpho Masupe explained that 2016 reflected the consolidated efforts taken to ensure that the bank delivered value and provides a good pathway into 2017.
 He said the ongoing implementation of the bank’s revised strategy would deliver benefits to clients thus enabling the group to contribute meaningfully to the growth of the economy. The results indicated that operating expenses reduced by 3 per cent compared to 2015 while profit after tax increased by 68 per cent to P79.9 million.
Total assets grew by 6 per cent with loans to customers increasing by 7 per cent to P7.7 billion and customer deposits increasing by 14 percent to P11.3 billion.
The group continues to deliver strong shareholder cash returns with dividend per share at 40.23 thebe. ENDS