BSE quoted banker, Standard Chartered has released its interim financial results for the year ended 30th June 2023. Among the highlights is a 57 percent increase in net interest income to P370 million (HY2022: P236 million).
The bank’s Non-funded income was down 8 percent year-on-year to close at P153 million while Profit before tax went up 239 percent to reach P241 million (HY2022: P71 million).
The financials also reflect a Net profit increase of 230 percent to P191 million (HY2022: P58 million). Total Risk Weighted Assets were down 2 percent to P8.23 billion (HY2022: P8.51 billion).
The banker has also reported that its deposit from customers went down 1.4 percent to P12.67 billion (HY2022: P12.85 billion) while the balance sheet has reduced by 1.1 percent to P16.24 billion since the release of their last year end results.
Shareholders will be pleased to learn that the bank’s Basic earnings per share is now 63.93 thebe per share while the Book value of equity increased 9.4 percent to P1.13 billion (HY2022: P1.03 billion).
The bank’s Chief Executive Mpho Masupe said this was achieved through solid income performance, growing by 30 percent year on year with the growth coming from both underlying business momentum particularly in Corporate, Commercial and Institutional Banking (CCIB) and improving interest rate environment.
“We maintained a resilient liquidity position over the period with a strategic focus on optimal deposit mix. Low cost deposit mobilisation is expected to gradually reduce the holding of expensive deposits,” said Masupe.
Masupe said during the first half of the year, Stanchart continued to introduce innovative derivative products to mitigate risks and improve the yield for its clients.
As part of its digital transformation journey, Stanchart says it became the first bank in Botswana to process end to end trade financing and disbursement to clients on their platform. Masupe said that the development is improving cost efficiency and that the uptake and appetite is encouraging.
“We are going further to introduce and incubate new products into the market working closely with our clients,” he said.
