Access Bank informs expects its profit before tax for the period ended 30 June 2023 to reduce by about 60 percent to 50 percent compared to the corresponding period.
This translates to an expected Profit Before Tax for the period ended 30 June 2023 of about P17.2 million to P21.5 million, compared to P43 million for the corresponding prior period.
The board explains that transformation and growth initiatives, with substantial investment in expansion enhancement of customer offerings, have inevitably resulted in increased operational expenses. While this investment may reduce financial performance in this period, the board affirms that these strategic moves were vital and have positioned Access Bank favourably for its imminent growth phase. “Among the achievements accomplished through our strategic endeavours are the establishment of new Service Centres and a substantial increase in our ATM network, ensuring widespread accessibility to banking services across Botswana,” the board says.
Moreover, the introduction of “Access Closa” agency model has extended the bank’s reach to areas without easy access to ATMs or Service Centres. “We extend our gratitude to our customers for their unwavering support throughout this transformative journey,” the group says adding that “we have introduced pioneering products that underscore our commitment to innovation in Botswana’s banking sector”. Notably, the ground-breaking offerings such as the “N’stakolle” loan, Salary Advance loan, and Access Africa have captured the market’s attention. The bank says Access Africa has revolutionized cross-border payments, offering customers real-time international transactions – a testament to it’s ethos of delivering #MoreThanBanking experiences.
