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Absa revenue surges to P2.28 billion

patriot by patriot
April 3, 2025
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Absa Bank Botswana defied the volatile 2024 trading conditions; posting an impressive 8% growth on its total income to reach P2.28 billion for the year ending 31 December 2024. The bank reported a strong 9.4% growth of retail revenue under the Retail and Business Banking (RBB), with customer deposits increasing by 24% and business banking loans advancing by 5%. 

Presenting the results on Thursday, Absa Botswana Managing Director (MD) Keabetswe Pheko-Moshagane said the strong performance is driven by many factors bordering along revenue diversification, and remaining focused on the strategy which is paying off dividends. 

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She said the bank increased agency banking partnerships by 9% to continue to unlock more growth, adding that the bank’s Profit Beforte Tax (PBT) exceeded P1 billion during the year under review. 

According to Pheko-Moshagane, 2024 tested the bank’s resilience and they reaffirmed their purpose. 

“We had been disciplined in execution of services guided by our strategic pillars. We also retained the trust and confidence that our customers have on us a business. We are focused on our strategy,” she said. 

Pheko-Moshagane said strengthening governance and driving positive social and environmental impact remains pivotal to their long-term business goals. She revealed that in 2024, the bank funded Small Medium and Micro Enteprises (SMMEs) to the tune of P273 million for procurement purposes with 75% purchases acquired from the local suppliers. 

She also said Absa disbursed P20.4 million to women entrepreneurs through the SHE Account initiative with 104 women-owned businesses benefiting from the funding. 

NUMBERS 

Meanwhile, Absa interim Finance Director Leroy Klein said the bank continues to improve on its numbers, buttressing that it demonstrates the resilience of the bank in the market. He said their revenue growth is a key highlight of this year’s performance. 

Klein said over the past three years, they have steadily improved revenue base, demonstrating agility in response to market conditions. 

“In 2022, we generated P2.0 billion in revenue. In 2023, this grew to P2.12 billion. For 2024, we achieved P2.28 billion — an 8% increase year-on- year and a 7% CAGR over the three-year period,” he said. 

Klein noted that this consistent upward trajectory reflects Absa’s strategic focus on revenue diversification and improved customer engagement. 

“Our net interest income increased by 8%, reflecting disciplined margin management and continued loan book growth. Despite a competitive lending environment, we successfully optimised asset yields while managing funding costs. This enabled us to capture lending growth opportunities, particularly in retail and commercial segments,” said Klein. 

He also said their ability to manage business efficiency, drive digitisation and automation has been critical in driving improved profitability. 

He said Absa cost-to-income ratio improved significantly to 50%, from 57% in 2023 — a substantial 7-percentage-point improvement. Absa said the performance of the Botswana Pula against its major trading partners will continue to be influenced by the international political and financial events. 

The bank said the annual downward rate of the crawl was left unchanged at 1.51% on the back of the forecasted inflation differential with Botswana’s major trading peers. Based on these developments, the bank said it expects the inflation rate to average 4% for 2025, which is within the Bank of Botswana medium term range. 

“The Bank maintained a strong balance sheet position in 2024, reinforcing its financial stability and growth momentum. Total assets increased by 3.7%, reaching P25.51 billion in 2024, compared to P24.60 billion in 2023. Loans and advances to customers grew by 5.1%, from P16.57 billion in 2023 to P17.42 billion in 2024, reflecting our commitment to sustainable lending growth,” said the bank. 

Going forward the bank declared: “Our commitment to addressing customer pain points remains a priority, ensuring that we consistently deliver intuitive and seamless experiences that reflect our brand’s new positioning: “Your Story Matters.” As we evolve, we are redefining our organisational practices to enhance efficiency, agility, and strategic alignment. This transformation will be supported by strengthening not only our technology, but policies and systems as well, fostering a work environment that is both seamless and effective. At the core of this shift is our commitment to cultivating the right behaviors among our employees, reinforcing a culture of accountability, collaboration, and excellence” 

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