Bank posts over M50 million profit

Bank posts over M50 million profit

MASERU – FROM the brink of collapse, the Lesotho Post Bank has increased its customer deposits portfolio to M1.2 billion while raking in over M50 million in profits, said the bank’s managing director Molefi Leqhaoe. The bank has been sweeping local awards for good performance in recent years. Last Saturday it held its first internal awards ceremony to appreciate and acknowledge the dedication and excellent performance displayed by its staff.

Itumeleng Matela, the Chief Human Capital Officer, said the bank reintroduced the performance-based management system in 2015, resulting in workers earning more since their pay is based on their performance. “This form of compensation allows us to incorporate both cash and non-cash incentives for our employees who walk an extra mile to see that the bank meets and exceeds its goals,” Matela said.

She said that staff would previously get salary increments in April but salary adjustments are now based on individual performance.
“The certificates and vouchers were to applaud their good work, to inspire others to do well as well and to encourage good work by making them feel extra special and appreciated,” she said.
Leqhaoe was also awarded with an award recognising him as the best leader.

Speaking at the ceremony, Leqhaoe attributed the bank’s rebound to dedicated staff and loyal clients.
“We have been winning PMR awards since 2016 and I can say without a doubt we will also win it next year because of your dedication and commitment,” Leqhaoe said.
He said the journey has not been easy and at one point the bank nearly closed shop.

Leqhaoe pledged that the bank will continue to invest and direct its efforts towards digitalisation in order to enhance the experience of accessing banking services without leaving behind those who still appreciate the traditional ways like owning a savings book.
A board member Lefa Mokotjo emphasised the importance of team work.

“Those who received awards would not have received them without the support of their colleagues,” Mokotjo said.
“With time the awards will translate into our public integrity,” he said, adding that the bank employees “are the hope of the nation.”

“Every Mosotho expects excellent services from this bank. I therefore plead with you to work hard and never disappoint the masses that trust you.” The Minister of Communications Thesele ’Maseribane said the bank should continue serving Basotho with excellence and dignity as it is the only local bank that is fully owned by Basotho.
“You have the future of Basotho in your hands. They have high hopes and have entrusted you with their funds. Handle them with care,” ’Maseribane said, before criticising fraudulent bankers who fleeced poor citizens of their hard-earned money.

“This is a very challenging industry. You continuously have to deal with those with evil intentions.
“We have people stealing M17 million in other banks and this must stop,” he said. He urged the bank to develop deeper partnerships with institutions of higher learning, business development entities and other relevant organisations for the development of Small, Micro and Medium Enterprises.

Lemohang Rakotsoane

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