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BancABC’s profits up 3 %

patriot by patriot
January 25, 2021
in Business
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BancABC’s profits up 3 %
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BancABC announced its first financial results ever since it listed in the Botswana Stock Exchange (BSE) with an impressive steady growth recording 3% increase on the revenues and a 4% growth on the Gross loans and advances.

The bank’s Managing Director Kgotso Bannalotlhe, when announcing the results on Friday, said the bank’s perfomance in 2018 reflected continued profitability in challenging economic and financial conditions.

He said the bank sustained profitability similar to the prior year, in which constrained liquidity conditions impacted on the bank’s interest expense which was balanced, by a strong performance on Non-Interest Income.

Bannalotlhe said the bank has made strides in positioning itself for the future to continue to take advantage of opportunities presented in the market with its listing on the BSEL.

The results indicated a rising cost of deposits which increased by 19% and was balanced by an increase in non-interest income, returning a net profit after tax that was marginally down from the previous at P128 million.

Moreover, the significant increase in customer deposits was invested in Bank of Botswana Certificates (BOBS’s) and Treasury Bills which increased by 84% to P 1.2 billion. The growth was mainly to cater for anticipated future loan growth as well as to contain liquidity.

BancABC Finance Director Fortune Takaindisa said the bank recorded a steady growth in a number of streams with the bank’s profit gaining a 3% increase with a strong balance sheet following growth in total assets of 12%.

 “The bank has done well scoring positive on the profits around certain segments leading to a 3% revenue increase. On the downside cost of funding increased 3.9 % in 2019 to 4.4% in the previous year, costs went up 8% resulting in net profit after tax of P128 million which was 8% below prior year,” said Takaindisa.

He, however, said the foreign exchange trading profits went down compared to the previous year as volumes went down and increased completion for business resulting in margin compression.

With regards to the outlook for the bank Takaindisa maintains that focus will be on executing key projects to manage the cost of funding volatility, through growing transactional volumes as well as diversifying the non-funded source of income. 

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  • 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 […]
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