Botswana Savings Bank (BSB), made huge strides in the previous financial year (April 2023 – March 2024), seeing profits increase by a whopping 258 percent.
Profits hit P23.3 million as compared to P6.5 million the year before, with the success largely down to the bank’s ambitious three-year Lesedi Strategy (2022-2025), which aims to transform the Group into a commercially viable and technologically advanced institution.
This year has been dominated by robust growth across key financial metrics and was primarily driven by the new subsidiary (BSB Insurance Agency) contributing P11.3 million and an enhanced loan book performance.
Additionally, a focus on expanding offerings and improving operational efficiencies has yielded eye-catching results.
The bank’s net interest income grew by 5 percent, from P164 million in 2023 to P173 million in 2024. This was attributed to the Group’s revised sales strategy, which included expanding direct sales agency network and revising the maximum loan amounts to stimulate demand.
Customer deposits increased modestly by 4 percent, standing at P2.5 billion from P2.4 billion recorded in 2023 which reflects customers’ continued trust and confidence in the BSB.
Furthermore, BSB continues to engage with the government regarding its privatization while also focusing on commercializing the group and preparing it for the market.
