01 Apr 2025

Standard Chartered Botswana has reported an increase of 19% on profit before tax to a record P478 million as well a two percent increase in operating income. 

Delivering the bank’s 2024 financial result, Standard Chartered Chief Executive Officer, Mr Mpho Masupe, stated that the bank in continuing its efficiency measures through cost containment efforts, reported an eight percent reduction year-on-year on operating expenses and achieved a 27% Return on Equity (ROE). 

Mr Masupe indicated that the wealth assets under management had grown three times in the same period driven by growing uptake of both local and foreign investment asset classes and underscored by the launch of the bank’s international banking offering that enables cross-border access to banking solutions through the bank’s international hubs. He said the segment closed the year with a reported income of P791 million, translating into 11% growth. 

He said the end of 2024 could be marked as the beginning of a transitionary period for the bank as it was the final year of the bank’s three-year strategy as it pivoted its strategic focus towards its Corporate and Investment Banking (CIB) business.

“Throughout 2024, we achieved significant milestones in executing our strategy, and we made good progress over the past several years delivering on our three-year strategy, which we have decided to conclude and focus on further strengthening our business and growing returns,” he stated. 

Mr Masupe noted that CIB successfully re-aligned its portfolio to concentrate on specific client segments, including banks and non-bank financial institutions, government and government related enterprises, multinational corporates and development organisations. The CIB division, he said, delivered a resilient performance driven by a diversified product suite and expanded client solutions amidst challenging macroeconomic conditions. 

Mr Masupe highlighted that Standard Chartered was a global bank connecting corporate, institutional, and affluent clients to a network that offers unique access to sustainable growth opportunities. This distinctive proposition, he said, puts the bank in good stead to help clients navigate the dynamic and complex conditions.

Additionally, Mr Masupe said the Wealth and Retail Banking (WRB) segment had remained steadfast on its strategy of being the leading bank for the affluent and emerging affluent, differentiated by its international footprint and expertise. This, he said, was well aligned to the growing middle-income base in Botswana, which demands differentiated services and offerings.

He said the bank also launched a range of investment banking services such as capital structuring and ratings advisory, complementing its traditional offerings in lending, trade finance, cash management, securities services, financial markets, risk management, debt capital markets, corporate finance and advisory services adding that the segment closed the year with reported income growth of four percent or P318 million.

Furthermore, Mr Masupe said the bank would in 2025 continue to leverage a formidable network to sharpen its focus on serving the cross-border needs. These re-focused priorities, he said, would enable the bank to support the various government initiatives on economic recovery and diversification. ENDS