Standard Chartered Reports Robust 2023 Performance 


  • Up 15% in top-line YOY growth to reach P1 billion mark
  • “Remarkable” profit before tax up 59% at P403 million
  • CEO assigns success mainly to income momentum in CCIB segment
  • Investments in HR take operational costs from P607m to P664m



Standard Chartered Bank Botswana Limited delivered a robust set of financial results in 2023, demonstrating strong performance in both income and profit before tax.

According to the CEO of the bank, Mpho Masupe, these results reflect StanChart’s consistent growth trends over the past three years. The bank achieved a positive top-line growth of 15 percent over the previous year, reaching the P1 billion mark.

“This outstanding performance was driven by the focused execution of our ambitious three-year strategy, which is in its second year and proving to be fit for purpose, in this dynamic operating environment,” Masupe stated in the bank’s 2023 annual report.

Salary adjustments

Operational costs rose from P607 million to P664 million, reflecting necessary investments in personnel, including higher bonus payouts and salary adjustments.

But despite these increased costs, the bank saw a remarkable profit before tax of P403 million, marking a 59 percent increase over 2022.

The CEO attributed this success to strong income momentum, particularly in the Commercial, Corporate and Institutional Banking (CCIB) segment, and a net release in Loan Impairment (LI).

“Here for Good”

“Despite the economic backdrop, our business remained resilient as we continue to uphold our commitment and brand promise to our employees, clients, and shareholders to be ‘Here for Good,’” Masupe said.

He emphasised the bank’s awareness of external macroeconomic headwinds, both globally and locally, including anticipated measured upward adjustments in monetary policy and decelerated economic growth due to a weakened diamond outlook.

“We will therefore continue to seek to diversify our income streams by enhancing our customer value proposition, which will keep us top of mind and deepen our clients’ relationships across the broader portfolio,” he noted.

Affluent proposition

The bank’s strategy in 2023 focused on ecosystem collaboration across its consumer and corporate segments, resulting in significant wins that will continue into 2024.

While enhancing digital capabilities, the bank aims to drive its affluent proposition and leverage its strength as the go-to bank for mining and sustainable finance advisory services, aligning with national priorities for 2024/25.

“In 2024, we will continue to be guided by our three-year strategy,” said Masupe. “The bank anticipates a sustainable financial performance in 2024, supported by our colleagues who have diligently served our clients and are relentless in their pursuit of executing the strategy.”

Three-year strategy

The 2023-25 strategy, according to the CEO, is delivering exponential profitability and sustainable growth.

This solid performance is anchored on five key focus drivers: optimising the distribution model through partnerships, enhancing brand visibility, improving employee experience, delivering client-centric solutions, and achieving a 25 percent return on tangible equity (RoTE) by 2025.

“This focus is delivered through the Group’s strategic pillars – Affluent, Mass Retail, Network & Sustainability – and the three enablers of People & Culture, New Ways of Working, and Innovation & Technology,” he said.

Eazy Pula

The bank’s evolution to a digital-first model is well underway. Through Eazy Pula (Agent Banking), Standard Chartered continues to expand its digital touchpoints, with 81 sites and more planned.

“Our aim is to ensure our clients have the bank in their hand and in their neighbourhood,” Masupe said.

The SC Mobile App, the main personal banking distribution channel, is continually upgraded with new features to enhance user experience. Currently, 79 percent of the bank’s client base is digitally active, and 96 percent of all transactions are conducted digitally.

Rising risks of global recession

“This is proof that banking has moved out of banking halls and into the hands of our clients,” Masupe noted.

Addressing the complexities of investing in an environment marked by high inflation and rising risks of global recession, the CEO highlighted the bank’s affluent proposition.

This service has assisted clients in navigating uncertainties by providing personalised wealth advice.