Page 16 - Stanbic Bank IR 2024

14 LEADERSHIP INSIGHT | Chairman’s Report

CHAIRMAN’S A Year of Immense Resilience and

REPORT Forward Momentum

As Chairman of the Stanbic Bank
Dr Tebogo T.K. Matome Botswana Board, it is my distinct
Chairman of the Board
honour to present the performance for
the year 2024, marking the second
year of our Letsema strategy. The
past year has been a testament to our
resilience and adaptability, as we
achieved strong results that
underscore the robustness of our
strategy amidst a challenging and
dynamic business environment. If one
word defines our journey, it is
momentum—propelling us forward as
we responsibly create and deliver
shared value to our clients, employees,
communities, and shareholders.

Navigating an evolving landscape
The year 2024 was marked by significant developments,
including economic uncertainties, geopolitical tensions,
extreme weather events, evolving consumer expectations,
regulatory shifts, and advancements in digital financial
services. On the home front, the Botswana economy faced
a downturn due to a slump in the global diamond market,
which plays a pivotal role in our economy. The World Bank
projects Botswana’s GDP growth at 1% for 2024, a sharp
decline from 2.7% in 2023 and 5.5% in 2022.

Amid the ongoing transformation of financial services,
driven by evolving customer expectations and regulatory
shifts, I am pleased to report that the Bank embraced this
transition not as a challenge, but as a golden opportunity
to provide tailored client solutions. I commend the Bank’s
unwavering commitment to delivering stakeholder value
with agility, underpinned by a steadfast focus on
governance and a strong sense of social responsibility.

Profit Before Tax (PBT)
P950 million

2023: P661 million

Botswana’s GDP growth

1%
2023: 2.7%