Botswana’s oldest bank, Standard Chartered Bank, has posted a profit before tax of P480 million for the financial year ending December 31, 2024, marking a 19% year-on-year increase.
The bank’s operating income grew by 2% to P1.1 billion, while operating expenses decreased by 8%, resulting in a strong 27% return on equity (ROE). This impressive performance comes as the bank enters the final year of its three-year strategic plan, with a sharpened focus on Corporate & Investment Banking (CIB).
Strategic Transition and Growth
CEO Mpho Masupe expressed confidence in the bank’s direction, stating, “We achieved significant milestones in executing our strategy, as reflected in our robust financial performance. Moving forward, we will focus on strengthening our business and growing returns.”
Wealth & Retail Banking Expansion
The Wealth & Retail Banking (WRB) division continued to cater to affluent and emerging affluent clients, benefiting from Botswana’s growing middle-income segment. Wealth assets under management tripled, driven by increased demand for local and foreign investment options.
The launch of Standard Chartered’s International Banking service—providing cross-border access via hubs in Jersey, UAE, Singapore, and Hong Kong—further supported this expansion. The WRB segment closed the year with an 11% income growth, reaching P791 million.
Resilient Performance in Corporate & Investment Banking
The CIB division navigated challenging macroeconomic conditions by focusing on Banks, Non-Bank Financial Institutions, Government and Government-Related Enterprises, Multinational Corporations, and Development Organizations.
To complement its traditional services, the bank introduced new investment banking offerings, such as capital structuring and ratings advisory. This helped the segment achieve a 4% income growth, bringing in P318 million.
Future Outlook
Standard Chartered plans to enhance its cross-border capabilities, strengthen advisory services, and support Botswana’s economic recovery initiatives. The bank is also committed to maintaining momentum in wealth and retail banking, leveraging both its local expertise and international network to drive sustained growth.
