Banc ABC aims for top 4
ABC Holdings Group Chief Executive Offi cer (CEO) Douglas Munatsi has said that Banc ABC is aiming to consolidate its fifth position just behind the ‘top four banks’ in the Botswana market. The First National Bank, Barclays, Standard Chartered and Stanbic are the four ahead of Banc ABC.
Speaking to shareholders, brokers and the media at the GICC recently, the Botswana Stock Exchange listed bank has said it plans to consolidate its impressive growth and possibly compete for one of the top spots in the future.
The bank which came into the market with an impressive and attractive 100% mortgage loan product, which was a fi rst for Botswana has posted healthy results with a profit before tax up P104 million to P212 million which in turn had a share earnings rise of 15.5 thebe to 72.1 thebe in 2012 according to the company’s published statistics. These profits are largely from the three best performing markets of the group; Botswana, Zambia and Zimbabwe. This has been the general trend of the bank as it has been recapitalised for expansion in recent years. However, Chief
Financial Offi cer, Beki Moyo said that they were expecting the numbers to steadily cool off going forward.
As the bank’s ambition is to grow towards the ‘institutional’ banks, the top four banks have had stringent requirement by the Central Bank in the management of their affairs, especially on the appointment of Batswana executives. Banc ABC on the other had has aforeign chief for Botswana, Jitto Kurian.