15 Aug 2013

BancABC Botswana has achieved phenomenal set of results for the half-year ended June 30.

The ABC Holding Limited group chief executive officer, Mr Douglas Munatsi, said this when presenting the company’s half-year reviewed interim group results for the period ended June 30 this year.

Such exceptional performance, Mr Munatsi said, was essentially driven by an increase in net interest income from the consumer lending and loan schemes in retail banking.

He added that due to an increase in impairments and higher operating expenses during the current year, BancABC Mozambique’s profitability decreased by 32 per cent from P14 million to P9 million in the current period. BancABC Zambia, he said, had a remarkable six months with profitability growing by 94 per cent from P17 million in the prior year to P33 million in the current period.

He also noted that BancABC Zimbabwe’s attributable profits of P48 million were three per cent lower than P50 million achieved in the prior year. That, he said, was mostly due to a P55 million impairment in respect of one customer.

However, he said net interest income increased by 91 per cent from P95 million in 2012 to P182 million in the current period. Presenting the financial performance of ABC Holdings, the group’s chief financial officer, Mr Beki Moyo said the net interest income of P476 million was 74 per cent ahead of P274 million achieved in prior year.

BancABC Botswana and BancABC Zimbabwe, which had pronounced growth in consumer lending, he said were the major contributors to growth in net interest income. Ends