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

Barclays profit jumps 49%

patriot by patriot
February 8, 2021
in Business
245 7
0
Barclays profit jumps 49%
491
SHARES
1.4k
VIEWS
ShareShareShare

Barclays bank of Botswana’s revenue surged in the first half of the year withstanding tough business climate to record a massive 49% jump in the profit before tax to stand at P387 million.

The bank recognised a steady growth in income across the business segments relative to the previous year. Managing Director, Keabetswe Pheko-Moshagane said the perfomance has been influenced by growth in income, contained costs and favourable credit losses.

Pheko-Moshagane emphasised through the bank’s new strategy that was launched last year it was anticipated that it will help in regaining and grow market share in its core businesses.

“Our purpose is to connect our clients to products and services that bring possibilities to life in Botswana. There has been some significant progress in our strategy to see the benefits. There is still yet more work to be done before we can reach our growth, returns and cost targets,’’ she said.

She remained optimistic going forward that despite the challenging environment that encompasses of strong competition in the ever growing bank sector, the bank will remain strong.

Looking in depth, she said, there has been many positive underlying trends which propelled the bank’s growth with new innovations contributing a lot.

“Our ambition is to become a business which is digitally led, digitally capable and scalable. This is fundamental to our future success; therefore we have intensified our drive to make sure that our clients and customers continuously use our digital platforms,” said delighted Pheko-Moshagane.

The Net interest income went up by 8 % year-on year, total income realised was up 9%, cost to income ratio controlled at 53%, customer assets 12% up and had a strong return on equity of 12 % as well.

Barclays’s total revenue is also up year-on-year by P67 million, boosted by a balance sheet growth or an increase the fees and commission income that went up 5% year-on-year too.

Net interest income increased by 8%, mainly driven by a buoyant balance sheet growth as the business remained resilient in its selected markets continuing to drive credit growth.

She reiterated the bank’s commitment of spending in technology to in pursuit of building a customer centric digital led bank to offer customer convenient banking.

She cited the Bulk Mobile Disbursement as the latest example of the latest innovative product launched in June this year, tailored for giving corporate clients the convenience of making bulk payments to Orange Money and MyZaka wallets.

Chief Financial Officer at Barclays Mumba Kalifungwa said the bank’s positive financial perfomance is due to venturing into new opportunities in a competitive growing banking space. 

He noted that the 49% profit increase is driven by a good revenue increase across the business segments, but he said the bank was concerned that the second quarter of the year will comprise of slow economic growth.

Key risks to growth amongst others include a weaker global environment and continued US-China trade tensions, a move which has resulted in the global demands for diamonds declining significantly.

Moreover, severe drought also poses a big threat to water–dependent manufacturing industries and could culminate in an increase in food prices due to decline in farm output. The bank also projects that the outlook for the non-mining sector is also uncertain.    

Related

Tags: ABSABarclays

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?