Barclays profits jump 49% in 2016

Renniette Van Der Merwe
Renniette Van Der Merwe

Barclays Bank of Botswana made a pretax profit of P494.5 million in the year ended December 31, 2016 representing an increase of 49% from the previous year.

According to the bank’s recently announced financial results, the profit rise was driven by sustained revenue growth in the retail and business banking as well as the corporate and investment banking. These two segments grew by 11% and 30% respectively.

“The bank has continued to make progress in growing the key business segments in the various sectors of the economy,” managing director (MD), Reinette van der Merwe said.

Editor's Comment
Botswana at a critical juncture

While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...

Have a Story? Send Us a tip
arrow up