- The bank recorded a profit after tax of P302 million in 2020
GAZETTE REPORTER
Stanbic Bank Botswana Limited Group proved resilient in 2020 by defying the odds and recording a profit after tax (PAT) of P302 million.
According to Stanbic’s financial statements for the year that ended 31 December 2020, the historic P302 million profit was due to great team work, discipline of the leadership team and the passion for creating solutions for clients.
Stanbic had recorded a PAT of P140 million in 2019. This is the bank whose total income dropped by 5.1 percent to P1.08 billion which according to Stanbic Chief Financial Officer (CFO) Chose Modise was due to restrictive measures put in place to control the spread of
the virus.
Stanbic’s Net Interest Income (NII) on the other hand grew by 0.6 percent to P685 million. “NII growth reflects the Bank’s focus on originating good quality assets as well as a tightly managed funding strategy,” Modise said.
“Loans and advances to customers grew by 36.4 percent largely through Personal and Business Banking which delivers both better margins compared to other solutions of the Bank and low concentration risk.”