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Risks loom over the horizon for the banking sector

Absa Bank Botswana, one of the leading commercial banks in the country, recently announced what it described as solid financial results. However, it also warned of emerging risks ahead. Staff Writer KABELO ADAMSON reports

mm by Kabelo Adamson
September 22, 2022
in Companies & Markets
Reading Time: 1 min read
0
Risks loom over the horizon for the banking sector

GABORONE 15 September 2022, ABSA Bank Botswana announces the interim financial result for 2022 half year in Gaborone on 15 September 2022. ABSA Botswana managing director Keabetswe Pheko Moshagane takes through the performance of the bank while Cynthia Morapedi takes over the financial part of the result. Morapedi during the result announcement. (Pic:Monirul Bhuiyan/PRESS PHOTO)

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Whereas Absa Bank Botswana has delivered solid financial results for the half-year 2022, the financial institution is cognisant of the risks that lie ahead.

For the half-year ended 30 June 2022, the bank recorded profit before tax of P395 million, a 36 percent increase from the same period last year.

Absa’s profitability was mainly driven by an 8 percent increase in net interest income, together with a 72 percent reduction in credit losses, a 42 percent increase in trading income, and a 7 percent increase in net fee and commission income.

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Tags: Absa Bank BotswanaCynthia Morapedifinancial results

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