{"id":4862,"date":"2022-04-04T14:11:20","date_gmt":"2022-04-04T14:11:20","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21"},"modified":"2022-04-04T16:13:08","modified_gmt":"2022-04-04T16:13:08","slug":"stancharts-profits-jump-21","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21","title":{"rendered":"Stanchart\u2019s profits jump 21%"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Standard Chartered Bank Botswana\u2019s (SCBB) profits after-tax grew by 21% to P60 million in the year to December 2021, from P49 million recorded in the previous corresponding period.<\/p>\n

Standard Chartered Bank Botswana\u2019s (SCBB) profits after-tax grew by 21% to P60 million in the year to December 2021, from P49 million recorded in the previous corresponding period.<\/p>\n

Unveiling the bank\u2019s performance this week, officials said the growth was broad-based, delivered through diversified products from segments such as consumer, private and business banking as well as Corporate, Commercial and Institutional Banking (CCIB).<\/p>\n

Commenting on the results, chief executive officer, Mpho Masupe said the CCIB segment recorded profits for the second year following a period of transformation, which he said demonstrated that SCBB\u2019s foundations are solid and the strategy has been able to withstand a very challenging year.<\/p>\n

\u201cOur long-term strategy of streamlining our focus on key market segments is yielding positive results in terms of quality of the balance sheet and income mix,\u201d he said.<\/p>\n

In previous years, SCBB suffered impairments due to over-exposure in sectors such as diamonds and base metals mining.<\/p>\n

Masupe further said the bank\u2019s results reflect a slight improvement in business momentum responding positively to the gradual economic recovery following the peak of the COVID-19 pandemic in 2020 and early 2021.<\/p>\n

According to the CEO, the ongoing pandemic remains a significant threat with a direct impact on productivity and business momentum. He said business strategies to grow sustainable non-funded income are beginning to show results with net fees and commissions registering a two percent growth surpassing pre-pandemic performance.<\/p>\n

\u201cDeposits from clients have shown resilience amid the re-alignment strategy and posted nine percent growth.<\/p>\n

\u201cThis indicates that the fundamental base of the segments and strategy is strong,\u201d he said.<\/p>\n

The bank\u2019s investments in digital platforms to deliver its digital strategy have started to yield results with costs dropping four percent to P188 million. Masupe said the digital strategy aims to avail a fully end-to-end digital experience for clients.<\/p>\n

\u201cCredit impairments remain well-controlled with a release of P28 million from a loss of P19 million in the prior year as the segment continues in its quest of delivering sustainable bottom-line profitability,\u201d he said.<\/p>\n

The low-interest-rate environment coupled with market liquidity constraints contributed significantly to low margins with a resultant four percent drop in interest income. However, Masupe said the bank returned to top-line growth in the second half of the year. The balance sheet drop in advances to clients is a function of the segment\u2019s balance sheet composition, which is predominantly short-term and transactional hence achieving efficiency in capital allocation, he said.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Standard Chartered Bank Botswana\u2019s (SCBB) profits after-tax grew by 21% to P60 million in the year to December 2021, from P49 million recorded in the previous corresponding period. Standard Chartered Bank Botswana\u2019s (SCBB) profits after-tax grew by 21% to P60 million in the year to December 2021, from P49 million recorded in […]<\/p>\n","protected":false},"author":84,"featured_media":4861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,237,234],"class_list":["post-4862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nStanchart\u2019s profits jump 21% - Botswana<\/title>\n<meta name=\"description\" content=\"Standard Chartered Bank Botswana\u2019s (SCBB) profits after-tax grew by 21% to P60 million in the year to December 2021, fro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanchart\u2019s profits jump 21%\" \/>\n<meta property=\"og:description\" content=\"Standard Chartered Bank Botswana\u2019s (SCBB) profits after-tax grew by 21% to P60 million in the year to December 2021, fro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-04T14:11:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-04T16:13:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/04\/img-624b18fcd391b.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"607\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Stanchart\u2019s profits jump 21%\",\"datePublished\":\"2022-04-04T14:11:20+00:00\",\"dateModified\":\"2022-04-04T16:13:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21\"},\"wordCount\":449,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/04\/img-624b18fcd391b.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/stancharts-profits-jump-21\",\"name\":\"Stanchart\u2019s profits jump 21% - 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