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
(37 VIEWS)
This post was last modified on %s = human-readable time difference 3:02 pm
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…
Zimbabwe is among the top 30 countries in the world with the widest gap between…
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
