Getbucks profit down 10 percent

Financial services group Getbucks has reported a 10 percent drop in profit after tax for the full year to 31 December 2016, to $1.7 million from $1.9 million in the previous year.

Interest income rose 15.5 percent to $4.3 million from $3.7 million while operating expenses increased by 33 percent due to increased labour.

Loans and advances were largely flat at $14 million — from $13.8 million previously — while deposits were 70 percent up to $1.1 million from $657 000 in 2015.

Total assets stood at $22.6 million, up 10 percent from $20.5 million in 2015.

As at December 31, 2016, the company had a net equity position of $11.8 million which was well above the minimum regulatory threshold of $5 million for deposit taking microfinance institutions.

Getbucks was granted a Deposit Taking Microfinance Licence by the Reserve Bank of Zimbabwe in January last year. It declared a total dividend of $350 000.- The Source

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