Access Bank profit before tax plummets
Access Bank Botswana anticipates a massive drop in profits before tax ( PBT) for the financial institution, year ended 30 June 2023, the company’s board of directors has announced.
The board said the company’s profit before tax for the period ended 30 June 2023, is expected 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,” said a statement issued to shareholders on the bourse.
Access Bank Botswana has attributed the drop to transformation and growth initiatives, coupled with substantial investment in expansion enhancement of customer offerings that has inevitably resulted in increased operational expenses.
“While this investment may reduce financial performance in this period, we affirm that these strategic moves were vital and have positioned Access Bank favourably for our imminent growth phase.”
The bank highlighted that the achievements accomplished through the strategy are the establishment of new Service Centres and a substantial increase in ATM network, ensuring widespread accessibility to banking services across the country.
“Moreover, the introduction of our ‘ Access Closa’ agency model has extended our reach to areas without easy access to ATMs or Service Centres.”
The Bank says the transformative journey has introduced pioneering products such as the Salary Advance loan, and Access Africa.
“Access Africa has revolutionized cross- border payments, offering our customers real- time international transactions.”
Meanwhile, Access Bank Botswana has indicated that the full details for the financial year will be provided to shareholders at the announcement of the half- year financial results for the period ended 30 June 2023, due to be released on or before 30 September 2023.