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Home Business

Stanchart geared for growth

patriot by patriot
April 29, 2021
in Business
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Standard Chartered Bank Botswana Managing Director Mpho Masupe

Standard Chartered Bank Botswana Managing Director Mpho Masupe

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MD Masupe hails their digital strategies

Stanchart buoyant, defeats COVID-19 volatilities

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editors@thepatriot.co.bw

The buoyant Managing Director of Standard Chartered Bank Botswana Mpho Masupe says the business has been resilient as a result of key strategies adopted during Covid-19 pandemic.

Masupe said the bank is poised for a strong growth after inspiring 2020 full year results.

In an interview with The Patriot Business, Masupe said the bank leveraged a lot on the digitisation pillar of the strategy; thus enabling it to remain competitive.

Masupe noted that 90% of the new customers acquired during the year came through digital banking applications while the online transactions blossomed by over 90% as well.

“We are a resilient business not by luck by determination. The Covid-19 propelled us to be a fully-fledged digitalised business. Our digital banking gained lot of traction. 80% of corporates are in our digital banking and we need to close on the remaining 20% to come on board,” he said.

Digital loan lending, according to Masupe, is another transformation path that the bank will take.

Oozing with confidence, he said that the bank is committed to expand its income base through digitalisation; indicating that new products or services will be availed online to improve delivery.

In addition, Masupe revealed that their network channel and being an international bank was very helpful as they managed to adopt Covid-19 strategies from their sister banks across the globe.

This, he said, guaranteed the business readiness against containing the Covid-19’s harsh impact.

“Our network is available in over 60 countries across the world. The bank has footprint in countries such as United Kingdom, Hong Kong and China. This network is also important as our SMMEs clients are able to interact with others from this world. This network interaction if is well taken advantage of will without any doubt deliver successful businesses in Botswana,” said Masupe.

The optimistic Standard Chartered MD further said as part of forging networks, the bank is considering partnership with government in construction so as to assist the State Owned Enterprises (SOEs) to spur economic growth; buttressing that government private partnership is important.

Profitability

Chief Financial Officer (CFO) Dr Mbako Mbo said as part of their strategy, the bank’s strong risk culture played pivotal role in ensuring that the business remained profitable last year.

He said the business was able to put in place robust response mechanisms to contain uncertainties.

“We also have a strong balance sheet which kept the business afloat. The balance sheet was well protected from the risks. It did not grow exponentially as a result of the Covid-19 pressure. Moreover, financial discipline aspect was very important for growth,” he said.

Standard Chartered posted Profit before Tax of P102 million; operating income of P753 million up 4% year-on-year and loans and advances 2% up to P8 billion in full year-ended 31 December 2020.

Dr Mbo said the results although being impressive were not what they expected as they aim high.

“The delivered results are welcome taking consideration that we have still shown a sense of resilience in the period of Covid-19. The business is capable of achieving higher than what we did in 2020. We are very determined that the digital platforms will generate more revenue for us,” he added.

Meanwhile, Masupe said the bank is not excited but cautious about the 2021 outlook.

He added that the Covid-19 pandemic suppression on economy still persists but the business is still optimistic of remaining well profitable; insisting that continuity in resilience is key for growth.

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