Saturday, March 2, 2024

Standard Chartered readies for war as it reports strong H1

Standard Chartered Bank Botswana Limited, the country’s oldest commercial bank, warned its peers that it is ready to increase its market share following the publishing of its interim results that showed it grew deposits and loan book in the six months period ended 30 June.
The financial results for the BSE quoted bank revealed that total income at the half year stood at P483 million, an 11 percent above the first half of 2012 with strong growth across both businesses.
Consumer Banking delivered 12 percent incremental revenue while Wholesale Banking is up 10 percent.
Loans to customers increased 26 percent to P 5.7billion while deposits from non-bank customers rose 5 percent to P 7.7 billion.
“We have seen good momentum growth in the Bank’s results for the six months ended 30 June 2013, compared to the corresponding period in 2012, with consistent growth in both business functions,” said the bank headed by Managing Director, Moatlhodi Lekaukau.
Standard Chartered bank’s loans and advances to retail customers grew by 30 percent and corporate lending has grown 19 percent, half on half.
However, corporate and institutional deposits in the first half of 2013 recorded a 7 percent decrease compared to the corresponding period of 2012 as the bank continues to wind down expensive wholesale liabilities. Consumer Banking deposits, however, increased by 20 percent during the same period.
The bank, which has of late endorsed technology as a driver of a modern bank, has during the period under review the Bank renewed and strengthened its customer offering for SME Clients.
In a bid to capture the market in the changing needs of SMEs as well as their continued contribution to the economy, the bank announced a new customer value proposition built around working capital, business expansion, business protection and yield enhancement.
“The proposition also included solutions to manage uncertainties and growing international trade, along with dedicated service and an on-line banking platform tailored specifically for SMEs. To further demonstrate our commitment to ensuring that customers’ needs are met at all times, the Bank launched construction mortgage, re-introduced auto loans and added Tema savings account to its suite of services,” said the bank.
“The Bank is well capitalised and strategically positioned thus able to take advantage of further growth opportunities and future challenges. The second half starts with good momentum; we remain confident in our strategy and of growth in our market,” added the bank in a statement accompanying the results.
The bank is also forging ahead with its Corporate Social Responsibilities including partnering with local Botswana Accountancy College (BAC), a local business school, to sponsor a business simulation competition for students so as to empower and equip them with the necessary skills, knowledge and experience to become self sustaining after graduation and beyond.
Standard Chartered Bank Botswana said a second quarter interim dividend of 6.70 thebe (gross) per ordinary share has been declared. The dividend will be payable on or about the 18th October 2013 to those shareholders registered at close of business on 27th September 2013.


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