News Analysis

3 Commercial Banks Make Over M444 Million in Net Profits

Standard Lesotho Bank made pre-tax profit of M443 494 000 for the year ended December 31, 2018. After tax the net profit came to M302 523 000. In 2017, the bank’s after tax profit was M299 576 000.

Nedbank Lesotho in 2018 made net profit of M74 828 000. These translate to a combined profit of M377 351 00 to shareholders of Standard Lesotho Bank and Nedbank.

PostBank, 100 percent owned by the government of Lesotho, made profit of M67 567 000.

Customer deposits at this bank were M1,1 billion as at December 31, 2018 recording a nine percent year-on-year increase and these were converted into credit extension to the bank’s customers.

The information is contained in the financial statements published by the three banks respectively this week.

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