STANDARD CHARTERED BANK BOTSWANA LIMITED Standard Chartered Bank Botswana Limited
Half Year Unaudited Financial Results for Period ended 30th June 2022
The directors have pleasure in announcing the Group (Standard Chartered Bank Botswana and its subsidiaries*) unaudited financial results of the Bank for the Period ended 30 June 2022 together with comparative figures for 2021
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
30 Jun 22 | 30 Jun 21 | |
P'000s | P'000s | |
Interest revenue calculated using the | ||
effective interest method | 398,953 | 361,122 |
Interest expense calculated using the | ||
effective interest method | (162,978) | (144,657) |
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30 Jun 22 | 30 Jun 21 | |
P'000 | P'000 | |
Assets | ||
Cash and balances with central bank | 503,202 | 346,551 |
Loans and advances to banks | 4,415,199 | 2,357,279 |
CONSOLIDATED STATEMENT OF
CASH FLOWS
30 Jun 22 | 30 Jun 21 | |
P'000 | P'000 | |
Cash flow from | ||
operating activities: | ||
Profit for the period | 57,745 | 58,688 |
Adjustments for: |
Economic Environment
Global & Regional Economy
The global economy is going through unprecedented times with recession risks rising in the US and Europe disrupting global growth in 2022/23. Cost pressures have risen following Russia's invasion of Ukraine, while supply disruptions have failed to ease significantly. Heightened and persistent inflation has put pressure on central banks to act decisively. High inflation is weighing on households and businesses, yet in many economies, the pandemic-relatedbuild-up of government debt limits scope for fiscal support to offset spiralling food and energy bills. Global GDP is forecast to grow to 3.0% in 2022 and 2.9% in 2023. The US and Euro area are expected to enter recession later in 2022. Squeezed real incomes, the swift removal of policy accommodation, and very weak household and business confidence look set to take growth negative in Q4-2022 and Q1-2023.
While growth in Sub-Saharan Africa (SSA) surprised positively in Q1-2022, the good news is unlikely to last. The region's central banks have embarked on a more pronounced monetary tightening cycle in response to faster tightening in developed economies, along with increasing price pressures domestically. This is likely to offset the post-COVID normalisation of activity that boosted Q1 growth. Elevated food and energy prices are a severe headwind to SSA economies; increased fuel subsidies and measures to cushion the impact of high food prices are burdening government finances. Even Africa's large oil exporters have not benefited much from the oil rally this year, as they are unable to meet OPEC quotas because of underinvestment and are facing higher import bills for refined products.
Local Economy
Botswana's economic recovery will likely remain diamond-driven in H2- 2022. Robust diamond output and trading is expected, buoyed by demand for alternatives to Russian diamond supply. Strong diamond-sector growth should largely offset a probable softening of the domestic recovery as elevated inflationary pressures erode household real incomes. The GDP growth is forecasted to moderate to 4.8% in 2022 and 3.8% in 2023 from a high expansion of 11.4% in 2021.
Credit Quality | ||
2022 | 2021 | |
P'000 | P'000 | |
Gross loans and Advances to customers | 8,092,213 | 8,835,547 |
Of which Stage 1 and 2 | 7,864,710 | 8,623,150 |
Of which Stage 3 | 227,503 | 212,397 |
Expected Credit loss provisions | 193,655 | 173,533 |
Of which Stage 1 and 2 | 104,973 | 65,870 |
Of which Stage 3 | 88,682 | 107,663 |
Net loans and Advances to customers | 7,898,558 | 8,698,423 |
Of which Stage 1 and 2 | 7,759,737 | 8,593,689 |
Of which Stage 3 | 138,821 | 104,734 |
Collateral | 2,614,502 | 3,901,886 |
Stage 1 and stage 2 exposures | 2,275,636 | 3,507,903 |
Stage 3 exposures | 338,866 | 393,983 |
Stage 1 and 2 ECL provisions increased by 59% due to increased credit risk on the back of a challenging macro-economic environment and growth in the CPBB portfolio. Increased credit risk stems from anticipated impact of Ukraine/Russia war on the loan book.
Balance Sheet and Liquidity | ||
2022 | 2021 | |
P'000 | P'000 | |
Assets | ||
Loans and advances to banks | 4,415,199 | 2,357,279 |
Loans and advances to customers | 7,898,558 | 8,698,423 |
Other Assets | 3,293,845 | 3,691,476 |
Total assets | 15,607,602 | 14,747,178 |
Liabilities | ||
Deposits from other banks | 706,171 | 242,755 |
As the only international bank in Botswana with investment advisory and multi asset investment platform , we continue onboarding additional mutual funds to offer a diversified portfolio to our clients. A new foreign exchange delivery capability allowing clients to transfer Chinese Yuan was also officially introduced to the market to continue to drive the Non-Funded Income (NFI) agenda through continued focus on the Affluent and Business Banking segments. We successfully relaunched our Affluent Segment in the first half which saw us increase our Relationship Management team and refresh our client value proposition for the segment. This area will continue to be an area of focus, and growth for the bank going forward.
Strategic Priorities
- Digitise to drive growth and improve client experience
- Differentiate through our offering for the Affluent segment
- Turnaround non-profitable products and segments
- Improve efficiency and achieve a well-controlled environment
Under a complex operating environment, the business delivered positive highlights noted below:
- Launched a new foreign exchange delivery capability for Chinese Yuan in March 2022.
- Digital CX awards: Best Hybrid Customer Experience- Branch 2022 (April 2022)
- Digital CX award: Excellence in Omni-Channel Customer Experience (April 2022)
- Revenue growth of 2% year on year
- Expenses were contained registering a 3% drop compared to prior year
Corporate, Commercial and Institutional Banking
The CCIB business segment posted a resilient performance despite the volatile macro environment.
Profit before tax grew to P27.8mn year on year from a negative of P1.6m in the prior year. We are also pleased with the strong underlying business momentum and the early progress we have made against the four strategic pillars we outlined at the beginning of the year - building a sustainable business;
Net interest income | 235,975 | 216,465 | |
Fee and commission income | 131,948 | 118,468 | |
Other income | 44,706 | 39,136 | |
Less: Commission expense | (9,667) | (11,640) | |
Net fee and commission income | 166,987 | 145,964 | |
Net operating income | 402,962 | 362,429 | |
Operating expenses | |||
Staff expenses | (114,105) | (119,953) | |
Other expenses | (187,945) | (189,894) | |
Total operating expenses | (302,050) | (309,847) | |
Profit before impairment losses | 100,912 | 52,582 | |
Credit loss expense on financial assets | (29,985) | 22,659 | |
Profit before income tax | 70,927 | 75,241 | |
Income tax expenses | (13,182) | (16,553) | |
Total comprehensive income | |||
for the period | 57,745 | 58,688 | |
Number of ordinary shares in issue | |||
during the period at 100 thebe | |||
per share | 298,350,611 | 298,350,611 | |
Headline EPS | 19.35 | 19.67 | |
Basic and diluted earnings per share | |||
(thebe) | 19.35 | 19.67 | |
Dividend per share (thebe) - declared | |||
and paid in the year | 20.21 | 16.00 |
STATEMENT OF CHANGES IN EQUITY FOR
THE YEAR ENDED 30 JUNE 2022
Investment securities | 2,399,615 | 3,011,495 |
Loans and advances to customers | 7,898,558 | 8,698,423 |
Other assets | 221,141 | 176,771 |
Tax refundable | 12,729 | 15,936 |
Property and equipment | 89,882 | 82,122 |
Intangible Assets and goodwill | 44,882 | 37,011 |
Deferred taxation | 22,394 | 21,590 |
Total assets | 15,607,602 | 14,747,178 |
Liabilities | ||
Deposits from other banks | 706,171 | 242,755 |
Deposits from customers | 12,854,728 | 12,302,807 |
Unsettled Treasury bills | 75,000 | - |
Other liabilities | 223,072 | 389,830 |
Restructuring provision | - | 23,205 |
Taxation payable | 2,310 | 14,509 |
Senior and subordinated debt | 712,566 | 712,566 |
Total liabilities | 14,573,847 | 13,685,672 |
Equity | ||
Stated capital | 179,273 | 179,273 |
Additional Capital Contribution | 428,213 | 428,213 |
Reserves | 426,269 | 454,020 |
Total equity | 1,033,755 | 1,061,506 |
Total liabilities and equity | 15,607,602 | 14,747,178 |
Interest Income | (398,953) | (361,122) | ||||
Interest Expense | 162,978 | 144,657 | ||||
- | Taxation | 13,182 | 16,553 | |||
- | Depreciation | 13,947 | 14,129 | |||
- | Amortisation on intangibles | 5,581 | 4,583 | |||
- Impairment loss on loans and | ||||||
advances | 29,985 | (22,659) | ||||
- | Unrealised foreign exchange | |||||
(gains)/losses | (2,651) | 277 | ||||
- Movement in restructuring provision | - | 47 | ||||
(118,186) | (144,847) | |||||
Change in investment securities | 227,048 | (903,494) | ||||
Change in loans and advances to | ||||||
customers | (212,576) | (649,448) | ||||
Change in other assets | (4,289) | (7,964) | ||||
Change in deposits from other banks | 52,830 | 144,192 | ||||
Change in amounts due from customers | 236,722 | 453,197 | ||||
Unsettled Treasury bills | (124,246) | (29,878) | ||||
Change in other liabilities | (51,873) | (59,322) | ||||
5,430 | (1,197,564) | |||||
Taxation paid | (8,289) | (14,271) | ||||
Interest income | 398,953 | 361,122 | ||||
Interest expense | (162,978) | (144,657) | ||||
Net cash generated from / (used in) | ||||||
operating activities | 233,116 | (995,370) | ||||
Cash flow from investing activities | ||||||
Acquisition of property and equipment | (7,341) | (20,456) | ||||
Acquisition of intangibles | (1,458) | (2,813) | ||||
Net cash used in investing activities | (8,799) | (23,269) |
Headline inflation reached 14.3% y/y in July, a 14-year high, following a further hike to domestic fuel prices in June (transport accounts for 23.4% of the CPI basket). Inflation will remain in double digits throughout H2-2022, mainly on revised domestic fuel price assumptions. A faster-than-expected increase in administered prices would pose upside risks to our inflation forecasts. The Bank of Botswana (BoB) projects that inflation will fall within the objective range from the third quarter of 2024. In response to rising general prices, BoB raised its policy rate by 50bps to 2.65% in August bringing the total cumulative tightening since the introduction of the new policy rate in April 2022 to 151bps.
Business Performance
The Bank delivered a strong set of results for the first half of the year in a complex operating environment. The surge in funding costs on the back of reduced market liquidity impacted performance in the first quarter.
Revenue growth was significantly higher than cost growth resulting in strong positive jaws of 1,400 basis points. Income grew by 11% y/y underpinned by growth across all segments. Net interest income was a drag on performance in the first quarter due to pressure on margins. However, the second quarter saw a strong rebound, benefiting from improved margins. Non funded income is on upward trajectory, growing by 14% y/y supported by momentum of economic recovery, with transactional activity recovering to pre-pandemic levels. Our Corporate Commercial and Institutional Banking (CCIB) registered 41% income growth driven by strong H1 momentum, with broad based revenue drivers.
In the Consumer, Private and Business Banking (CPBB) segment, the priority has been to deliver efficiencies, continue to digitise in our personal segment, and progress with investment solutions into our affluent segment while continuing to serve our Business Banking clients with liquidity and FX solutions. With this focus CPBB' was able to deliver 2 per cent income growth year-on year.
Operating expenses were down 3% y/y, largely attributable to sustained cost discipline across functions. Cost to income ratio improved from 85% to 75% year on year. Expense efficiency is core to enabling the Bank to create positive operating leverage, whilst creating capacity to continue investing into strategic initiatives. Improving cost to income (CIR) ratio will continue to be a key focus area.
Asset quality remained resilient in the half, with stable underlying credit metrics despite a year-on year increase in the impairment charge. Credit impairment reflective of the loan portfolio quality with a loan loss ratio of only 0.4% and BWP30m impairment charge.
Profit before tax declined by 6% y/y to BWP71m due to non- recurrence of a significant ECL release recorded in H1 2021, mainly from the CPBB portfolio.
Net Interest Income and margin | 2021 | |
2022 | ||
P'000 | P'000 | |
Net Interest Income | 235,975 | 216,465 |
Average Interest-earning Assets | 14,911,125 | 14,130,060 |
Average Interest-bearing Liabilities | 11,818,871 | 10,953,049 |
Gross Yield (%) | 5.4 | 5.1 |
Rate Paid (%) | 2.8 | 2.6 |
Net Yield | 2.6 | 2.5 |
Net Margin (%) | 3.2 | 3.1 |
Net interest income increased by 9% to BWP236m, with average interest earning assets growing by 6%. The growth in net interest income was also supported by strengthening margins, with net margin improving to 3.2% from 3.1% on the back of rising interest rates.
Key Financial highlights
Deposits from customers | 12,854,728 | 12,302,807 |
Other Liabilities | 1,012,948 | 1,140,110 |
Total liabilities | 14,573,847 | 13,685,672 |
Equity | 1,033,755 | 1,061,506 |
Advances-to-deposits Ratio (%) | 61 | 71 |
Liquid Assets Ratio (%) | 16.4 | 17.2 |
Total Loans and advances to customers declined by 9% to BWP7.9bn. There were positive signs of recovery for asset volumes in the second quarter after a slow start to the year. CPBB assets relatively flat y/y, with marginal growth in Personal loans offsetting a decline in mortgages. CCIB assets declined by P0.7bn to P0.6bn, the balance sheet drop was a function of the segment's balance sheet composition, which is predominantly short term and transactional hence achieving efficiency in capital allocation.
Customer deposits up 4% y/y to BWP12.8bn. The growth was primarily driven by call accounts, registering 61% y/y growth on the back of the strategy to optimise the funding mix. The strategic funding plan remains robust underpinned by Current & Savings accounts (CASA) opportunities in the CCIB segment.
Risk Weighted Assets | ||
2022 | 2021 | |
P'000 | P'000 | |
By Risk Type | ||
Credit | 7,572,061 | 7,156,449 |
Market | 187,424 | 34,709 |
Operational | 753,413 | 728,720 |
Total RWAs | 8,512,898 | 7,919,878 |
Total RWA increased by 7% to P8.5bn, largely driven by Credit Risk RWA which closed at P7.6bn from P7.2bn due to an increase in corporate term loans. Through the RWA optimisation initiatives, the bank aims to further improve the capital adequacy ratio going forward.
Capital Base and ratios | ||
2022 | 2021 | |
P'000 | P'000 | |
CET1 Capital | 528,192 | 544,012 |
Additional Tier 1 Capital (AT1) | 400,000 | 400,000 |
Tier 1 Capital | 928,192 | 944,012 |
Tier 2 Capital | 390,768 | 456,206 |
Total Capital | 1,318,960 | 1,400,218 |
Capital adequacy ratio (%) | 15.5 | 17.7 |
Regulatory Threshold (%) | 12.5 | 12.5 |
Capital ratios remain within regulatory limits with Capital Adequacy Ratio (CAR) ending H1 at 15.5% against temporary CAR relief of 12.5%; Tier 1 ended H1 at 11% against regulatory limit of 7.5%.
No capital concerns anticipated.
Segment performance
Consumer, Private and Business Banking
Consumer, Private & Business Banking remained resilient and delivered modest growth in the first half of the year despite a challenging operating environment characterised by high inflation and reduced market liquidity. Revenue increased by 2% year on year on the back of improved interest income and trading in foreign exchange.
In our efforts to digitise to drive growth and improve client experience and service, the business has achieved a digital acquisition rate of 99% and 73% digital utilisation/adoption respectively with a target to reach utilisation of more than 80% by December 2022. Following the successful launch of digital initiatives such as Cardless Cash functionality, Bank2Wallet functionality and our Digital only smart branches (Express Banking Centres), the business has been recognised with two digital banking awards this year.
The bank continues to invest in its digital and sustainability agenda in our aim to be the most sustainable bank in Botswana. As part of our sustainability agenda, we opened the "First Ever Solar Powered" branch. We are also actively supporting our clients to acquire solar installations through partnerships with leading providers in the market.
becoming a truly digital bank; developing trade corridors; and streamlining our focus to key market segments to improve returns and differentiation. This is yielding positive results in terms of quality of the balance sheet and income mix.
Our top line grew by 41% recording improved performance across each reporting line. Deposits from clients have shown resilience despite the portfolio re-alignment completed in the prior year and posted a 7% growth, indicating that the fundamental base of the segment is strong. The drop in advances to clients is a function of the segment's balance sheet composition, which is predominantly short term and transactional in nature hence achieving efficiency in capital allocation. As a result, credit impairment charge was contained at 1% of total revenue.
To drive our China corridor business, we launched a comprehensive suite of onshore renminbi (RMB) financial services. This is another first in the Botswana market and provides our client access to onshore RMB current accounts, trade facilities, foreign exchange spot and forward solution, investment solutions such as Bond connect, CIBM Direct and corporate loans, amongst others.
The investments we have been making in our digital platforms to deliver digital transformation continues to yield results with costs on a down trajectory. The digital strategy aims to avail a full end to end digital experience to our clients.
The recent geopolitical events have strengthened the outlook for rates, albeit making the outlook for the pace of economic recovery less predictable. Consequently, we anticipate near-term headwinds and continue to focus on long-term fundamentals to build a sustainable business.
Outlook
This year the Bank is celebrating 125years in Botswana and continues to be the Bank of many firsts. In line with our sustainability agenda, in the month of April 2022, we launched the installation of a solar system at our flagship branch in Main Mall which will displace 10.4 tons of Carbon Dioxide per year. This is another first by the Bank and is a true embodiment of our brand promise "Here for Good".
The Bank is making good headway towards the delivery of the 2022 strategy given the dynamic economic environment both locally and internationally. As the Bank continues to manage the remnants of covid, the pandemic has cemented digital as the preferred channel, therefore making our unique digital capabilities a source of competitive advantage. Our corporate and individual clients are beneficiaries of our award-winning digital platforms wherein we have added digital partnerships and enhanced functionalities with the aim to deliver more in H2 2022.
Steady progress is being made towards the delivery of one of our strategic pillars being Affluent and growth is anticipated in this area, which will be driven by our unique personalized investment products and a refreshed cohort of relationship managers that have received extensive training to offer client centric service. There is clear focus towards the delivery of the Banks other strategic pillars, and as we execute our strategy, we will continue to put our clients at the centre of everything we do.
We remain confident that we will deliver a sustainable performance in 2022 leveraging of economic tailwinds and adequate management of possible headwinds.
By order of the Board
Doreen Khama | Mpho Masupe |
Chairperson | Managing Director |
Gaborone | |
03 August 2022 |
Stated Revaluation | Statutory | Retained | Capital | Treasury | Fair | Total | ||||||||
Capital | reserve | credit | earnings | contribution | reserve | value | ||||||||
reserve | reserve | |||||||||||||
Group | P'000 | P'000 | P'000 | P'000 | P'000 | P'000 | P'000 | P'000 | ||||||
Balances 1 January 2021 | 179,273 | 25,696 | 19,152 | 447,197 | 428,213 | (31,566) | (7,978) | 1,059,987 | ||||||
Total comprehensive income | ||||||||||||||
Profit for the year | - | - | - | 60,311 | - | - | - | 60,311 | ||||||
Fair value adjustment: | ||||||||||||||
Items measured at fair value through | ||||||||||||||
other comprehensive income | - | 3,701 | - | - | - | - | 2,147 | 5,848 | ||||||
Transactions with owners of the bank | ||||||||||||||
Dividends to equity holders - paid | - | - | - | (47,365) | - | - | - | (47,365) | ||||||
Distributions to holders of | ||||||||||||||
subordinated capital securities | - | - | - | (30,300) | - | - | - | (30,300) | ||||||
Balance at 31 December 2021 | 179,273 | 29,397 | 19,152 | 429,843 | 428,213 | (31,566) | (5,831) 1,048,481 | |||||||
Balances 1 January 2022 | ||||||||||||||
179,273 | 29,397 | 19,152 | 429,843 | 428,213 | (31,566) | (5,831) 1,048,481 | ||||||||
Total comprehensive income | ||||||||||||||
Profit for the year | - | - | - | 57,745 | - | - | - | 57,745 | ||||||
Fair value adjustment: | ||||||||||||||
Items measured at fair value through | ||||||||||||||
other comprehensive income | - | - | - | - | - | - | 2,990 | 2,990 | ||||||
Transactions with owners of the bank | ||||||||||||||
Dividends to equity holders - paid | - | - | - | (60,311) | - | - | - | (60,311) | ||||||
Distributions to holders of | ||||||||||||||
subordinated capital securities | - | - | - | (15,150) | - | - | - | (15,150) | ||||||
Balance at 30 June 2022 | 179,273 | 29,397 | 19,152 | 412,127 | 428,213 | (31,566) | (2,841) | 1,033,755 | ||||||
CONSOLIDATED SEGMENTAL REPORTING | ||||||||||||||
Consumer, | Corporate | Total | ||||||||||||
Private & | Commercial & | |||||||||||||
Business | Institutional | |||||||||||||
Banking | Banking | |||||||||||||
P'000 | P'000 | P'000 | ||||||||||||
2022 | ||||||||||||||
Statement of Profit or Loss | ||||||||||||||
Interest revenue calculated using the effective interest method | 168,555 | 67,420 | 235,975 | |||||||||||
Trading Income | 16,023 | 24,726 | 40,749 | |||||||||||
Net fee and commission income | 96,543 | 29,695 | 126,238 | |||||||||||
Net operating income | 281,121 | 121,841 | 402,962 | |||||||||||
Operating expenses | (209,778) | (92,272) | (302,050) | |||||||||||
Profit before impairment losses | 71,343 | 29,569 | 100,912 | |||||||||||
Credit loss expense on financial assets | (28,281) | (1,704) | (29,985) | |||||||||||
Segment profit (loss) before taxation | 43,062 | 27,865 | 70,927 | |||||||||||
Income tax expense | (13,182) | |||||||||||||
Profit for the year | 57,745 | |||||||||||||
Statement of financial Position | ||||||||||||||
Investment securities | - | 2,399,615 | 2,399,615 | |||||||||||
Loans and advances to customers | 7,292,190 | 606,368 | 7,898,558 | |||||||||||
Other assets for reportable segments | 168,193 | 5,141,236 | 5,309,429 | |||||||||||
Total assets for reportable segments | 7,460,383 | 8,147,219 | 15,607,602 | |||||||||||
Deposits from non bank customers | 4,246,579 | 8,608,149 | 12,854,728 | |||||||||||
Other liabilities for reportable segments | (109,898) | 1,829,017 | 1,719,119 | |||||||||||
Total liabilities for reportable segments | 4,136,681 | 10,437,166 | 14,573,847 | |||||||||||
2021 | ||||||||||||||
Statement of Profit or Loss | ||||||||||||||
Interest revenue calculated using the effective interest method | 174,930 | 41,535 | 216,465 | |||||||||||
Trading income | 14,060 | 22,805 | 36,865 | |||||||||||
Net fee and commission income | 87,195 | 21,904 | 109,099 | |||||||||||
Net operating income | 276,185 | 86,244 | 362,429 | |||||||||||
Operating expenses | (216,247) | (93,601) | (309,847) | |||||||||||
Profit before impairment losses | 59,938 | (7,356) | 52,582 | |||||||||||
Credit loss expense on financial assets | 16,947 | 5,712 | 22,659 |
Cash flow from financing activities | |||
Issue of senior unsecured bond notes | - | 323,566 | |
Interest paid on subordinated debt | (20,398) | (8,772) | |
Dividends paid | (60,311) | (47,736) | |
Lease liability interest payments | (898) | (833) | |
Lease liability capital payments | (8,598) | (9,127) | |
Distribution payment to holders of | |||
subordinated capital securities | (15,150) | (15,150) | |
Net cash used in financing activities | (105,355) | 241,948 | |
Increase/ (Decrease) in cash and cash | |||
equivalents | 118,962 | (776,690) | |
Cash and cash equivalents: | |||
Cash and cash equivalents at 1 January | 4,795,983 | 3,477,463 | |
Net foreign exchange differences | 3,456 | 3,057 | |
Cash and cash equivalents at 30 June | 4,918,401 | 2,703,830 |
- The financial statements of SCB Insurance Agency and Botswana Education Trust have been consolidated using uniform accounting policies for like transactions and other events in similar circumstances.
- Cash and cash equivalent are cash balances and balances held with Central Bank and other financial institutions with maturity of 0 -3months.
2% | 6% | 14% business volumes | 6% | |||||
Profit after tax down | Total balance sheet | Net fees and | Profit before | |||||
2% to P58 million | grew 6% | commission | tax down 6% | |||||
up 14% driven | to P71 million | |||||||
by improved | ||||||||
Capital Adequacy | 4% | Customer deposits up | 11% | Operating | Interest expense | |||
Ratio (CAR) at 15.5% | 4% year on year | income up 11% to | up 13%, due to | |||||
against the regulatory | P403 million | reduced liquidity | ||||||
15.5% requirement of 12.5% | 13%environment |
Segment profit (loss) before taxation | 76,885 | (1,644) | 75,241 | ||
Income tax expense | (16,553) | ||||
Profit for the year | 58,688 | ||||
Investment securities | - | 3,011,495 | 3,011,495 | ||
Loans and advances to customers | 7,365,624 | 1,332,799 | 8,698,423 | ||
Other assets for reportable segments | 161,522 | 2,875,738 | 3,037,260 | ||
Total assets for reportable segments | 7,527,146 | 7,220,032 | 14,747,178 | ||
Deposits from non bank customers | 4,263,967 | 8,038,840 | 12,302,807 | ||
Other liabilities for reportable segments | (78,295) | 1,461,160 | 1,382,865 | ||
Total liabilities for reportable segments | 4,185,672 | 9,500,000 | 13,685,672 | ||
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Disclaimer
Standard Chartered Bank Botswana Limited published this content on 26 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2022 10:44:07 UTC.
