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Stan-Chart’s turnaround strategy pays off

patriot by patriot
January 25, 2021
in Business
0

Standard Chartered Bank Botswana Limited today announced the Bank’s full year results for the period ended 31 December 2018.

The Bank progressed in executing its prudent strategy, premised on an enhanced client experience, a resilient balance sheet and a strong capital base. The significant losses reported in 2017 have been reversed, with a P24 million Profit after tax (PAT) posted in 2018.

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An 11% overall reduction in operating costs has been achieved, driven mainly by enhanced systems and more efficient internal processes. This 11% reduction has been recorded despite some significant provisions for anticipated business re-organisation expenditures. Driven by an improved credit quality of the Bank’s asset book, impairment provisions have been reduced to insignificant levels, thus creating a cleaner space for the planned growth.

Presenting the results, Standard Chartered Bank Botswana Limited Chief Financial Officer, Dr. Mbako Mbo highlighted that the Bank’s performance is a reflection of a careful execution of a relevant strategy.

“Following the impacts to performance in 2015, 2016 and 2017, management developed a strategy that is centred around building greater resilience in our balance sheet to absorb any unexpected shocks from within the tight market environment. Simultaneously, the strategy sought to prepare all business segments for sustainable growth. We have done that, having reported a profit for the year,” he said.

Dr Mbo further outlined that whilst some consolidation still remains, the Bank’s strategy is already bearing fruit and the business outlook remains positive. “Profitability is not yet at the levels that the Bank aspires or is accustomed to, but the business remains on a trajectory towards decent levels of profits.  The Bank’s liquidity and capital positions have substantially stabilised compared to the prior year, with capital adequacy boosted to 22% by an additional capital injection of P400 million from Group.”

Commenting on the Bank’s strategy, the CEO Mpho Masupe emphasised on its local relevance despite the global nature of Standard Chartered Bank. He said the strategy remains client centric leveraging the Bank’s award winning digital platforms at every possible opportunity.

Masupe highlighted key milestones from the year; “The Bank launched its 360o Rewards card loyalty program, a first of its kind in the market, complimented by the launch of our Platinum and Infinite Credit Cards. We further successfully consolidated our Global Banking and Commercial Banking segments to offer a much more efficient solution delivery model to our corporate clients. We continued to champion the enhancement of our digital platforms further expanding the capabilities offered to our personal and corporate clients alike.

“We found opportunity for greater efficiency in our service delivery in a number of our retail branches and very soon the Bank will be rolling out deposit taking Automated Teller Machines (ATMs) across the country to further consolidate our convenient banking offering. Our efforts earned deserved recognition from global industry awards as well with Standard Chartered Bank Botswana earning two (2) accolades namely the Best Consumer Digital Bank, Botswana 2018 by Global Finance (December 2018) and Best Bank for Loyalty Programme Botswana 2018 by the Global Banking & Finance Review Awards 2018 (December 2018). In 2019 we have continued the momentum of recognition having been awarded the 2019 Best Bank in Botswana by Global Finance (March).”

Looking into 2019, he said they will confidently roll out the next phase of the country strategy that is greatly focused on the digital agenda through new products and product enhancements.

“We also have exciting initiatives to increase our participation across business segments allowing more individuals and businesses to experience international banking here in Botswana. All of which is not short-term fixing but long term growth at both the top and the bottom line.”

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  • Banks in P90.79 billion household debtSeptember 13, 2025
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