Online Version

Facebook Feed

  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
  • About Us
  • Advertise
  • Disclaimer
  • Contact Us
  • Login
  • Register
Tuesday, July 5, 2022
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home Business

Absa Botswana’s balance sheet hits P18 billion

patriot by patriot
November 9, 2020
in Business
250 2
0
Absa Botswana’s balance sheet hits P18 billion
491
SHARES
1.4k
VIEWS
ShareShareShare

Absa Bank of Botswana Limited recorded a resilient growth in balance sheet which went up by 5% during first half year to reach P18.8 billion amid Covid-19 storm.

The bank’s half year results for the period ended 30 June 2020 shows that a pre-provision profit of P307 million was recorded.

The bank asserted that the Covid-19 pandemic has presented tough challenges to the bank leading to heavy decline in revenues. Absa profit before tax suffered hefty blow as it went down by 67% to P129 million. Nonetheless, positive achievement was realised in Net Interest Income which increased by 4%. Absa attributed positive increase in its net interest income to a noteworthy growth in balance sheet momentum driven mainly by Retail banking which saw growth in scheme loans offering.

Furthermore, Net fee and income remained suppressed due to reduced volumes and margins. Giving overview of the bank interim financial results, Absa Botswana Managing Director Keabetswe Pheko-Moshagane said the performance reflect the resilience of the business.

She said the results reflect the bank’s consistent efforts to remain committed despite the challenging economic environment that it is operating under at the moment. She said their strong balance sheet momentum boosted growth in key segment of business.

She averred that optimisation of the balance sheet is a critical area of focus by the bank going forward, saying this will enable them to preserve capital but also be agile to the growth needed.

Pheko-Moshagane said as the bank they are keen to hasten the digitalisation strategy as well as reconfigure digital channels to improve customer experience.

As dark cloud of economic uncertainty continues to reign supreme amid Covid-19, Absa’s total Corporate and Investment Banking (CIB) income stayed subdued equated to first half of 2019.  Pheko-Moshagane said CIB income was subdued due to lowered business activity arising from lockdown imposed by Government to curb Covid-19 menace thus leading to 24% decline in customer deposit among others.

Another key revenue stream being the Retail and Business Banking made strides towards the delivery of its strategy as overall customer numbers rose by 3% from 2019 to 2020.

“The Net interest income grew by 5%; however total income was muted. The decrease in non-interest income was in line with reduced transactional activity. Gross loans and advances grew by 10% to P9.3 billion. Retail Customer base growth of 3%,” said the bank.

Financial Director at Absa Cynthia Morapedi said customers have been deeply affected by the pandemic; noting that payment holiday was extended with its book worth a billion Pula now. Morapedi stressed that the business started the year on a positive note before the outbreak of Covid-19.

“Half year results amidst Covid-19 depict resilience of the business despite tough environment characterised by stiff competition but Absa bank is proud that reports a solid and profitable business. Lockdown affected collectors to collect debt hence low credit recovery,’’ she asserted.

Absa MD said separation from Barclays PLC is substantially complete at the set time line and within the budget allotted; adding that they take motivation from this to withstand Covid-19 blow.

Related

Tags: ABSA

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
The Patriot On Sunday

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2022 Copyright The Patriot On Sunday - Inspired by Search Mart.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?