Standard Chartered Reports Strong Results in 2023

  • Acknowledges monetary and fiscal authorities for slowing inflation
  • Records 52 percent increase in profit after tax to P307m
  • But Non-Funded Income (NFI) 26% lower margins on forex


Standard Chartered Bank Botswana has revealed commendable performance for the fiscal year 2023, boasting impressive figures in income and profit before tax.

Writing in the bank’s financials for year ending 31st December 2023, Chairperson Doreen Khama and Managing Director Mpho Masupe have jointly attributed this success to the meticulous execution of StanChart’s ambitious three-year strategy, now in its second year.

The two highlight the economic landscape of 2023, noting a global slowdown in the first half of the year due to geopolitical tensions and tightening monetary policies worldwide.

“Here for Good”

However, they emphasise a significant decrease in local inflation during the latter half of the year, supported by measures from monetary and fiscal authorities to stabilise economic activity.

Despite prevailing economic challenges, Dambe and Masupe say the bank remained resilient, staying true to its commitment to employees, clients and shareholders as encapsulated in its brand promise to be “Here for Good.”

Acknowledging ongoing macroeconomic headwinds, both domestically and internationally, Khama and Masupe anticipate measured adjustments in monetary policy and decelerated economic growth, particularly in the diamond sector.

Ecosystem collaboration

They state that in response, Standard Bank Botswana aims to diversify income streams by enhancing customer value propositions and fostering deeper client relationships across various segments.

The bank’s strategic focus on ecosystem collaboration across consumer and corporate sectors yielded significant wins in 2023, a trend expected to continue into 2024.

Furthermore, the two say StanChart plans to bolster its digital capabilities while capitalising on its position as a leading provider of mining and sustainable finance advisory services, aligning with national priorities for 2024/25.


Looking ahead, Khama and Masupe outline key objectives for 2024, which include optimising distribution models, boosting brand visibility, enhancing employee experience, delivering client-centric services, and maintaining a high double-digit Return on Tangible Equity (RoTE).

They express confidence in sustaining financial performance in 2024, crediting the dedication of their colleagues in serving clients and executing the bank’s strategy.

In terms of financial figures, Standard Chartered Bank witnessed a notable 52 percent increase in profit after tax, reaching P307 million.

Human capital

However, Non-Funded Income experienced a 26 percent year-on-year decline, closing at P236m primarily because of lower margins on Foreign Exchange (FX) and subdued transactional volumes.

Operating expenses increased by 9 percent year-on-year, due to staff costs, reflective of the bank’s strategic intent to invest in quality and sustainable human capital.

Cost to Income ratio (CIR) improved from 67 percent to end the year at 64 percent.

Khama and Masupe state: “Cost containment is core to enabling the bank to create positive operating leverage, whilst generating capacity to continue investing into strategic initiatives.

“Improving efficiencies will continue to be a key focus area.”