SELLO MOLOKO EXITS ABSA AS BOTSWANA DIVISION CROSSES BILLION-PULA PROFIT MARK

Article By: Gilbert Manenye

Absa Bank Botswana has confirmed the departure of Chairman Sello Moloko, who steps down following the Group's new era of profitability, marked by its Botswana division surpassing the billion-pula profit threshold.

Moloko will hand over leadership to René van Wyk who is a seasoned banker and former South African Reserve Bank regulator.

The leadership transition comes on the back of strong 2024 financials as Absa Bank Botswana posted a 27.3 percent increase in profit before tax, with total income rising to 2.28 billion pula from 2.12 billion pula in 2023.

Net interest income climbed 8.4 percent to 1.52 billion pula, while fee and commission income increased by 12 percent, both fueled by stronger lending activity and increased transaction volumes.