Getbucks FY PAT down 10 pct, deposits cross $1mln mark

Getbucks FY PAT down 10 pct, deposits cross $1mln mark

HARARE, March 1 (The Source) – Financial services group Getbucks on Wednesday reported a 10 percent drop in its profit after tax for the full year to December 31, 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.