Getbucks FY profit up 20pct to $3,6mln

Getbucks FY profit up 20pct to $3,6mln

HARARE, September 29 (The Source) – Deposit taking microfinance institution, GetBucks on Friday reported a 20,6 percent increase in after tax profit to $3,6 million in the full year to June from $3 million in the previous year on increased interest income.

Total income increased by 15 percent to $12,8 million from $11,1 million in the previous year.

Net interest income rose 19 percent to $9,3 million from $7,8 million last year due to increased lending in support of small to medium enterprises (SMEs).


“This was a direct result of increased lending that saw $21,2 million being disbursed this year compared to $13 million in the previous year supported by introductions of SME loans business,”company chair Glovah Madzima said in a statement accompanying financial results.

However, non interest income marginally declined to $4,15 million from $4,16 million last year.

The loan book increased by 9 percent to $15 million from $13,8 million previously while deposits increased to $1,5 million from $600,000 in the previous year.

Operating expenses grew to $6,9 million from $5,9 million in the prior year due to increases in selling expenses.

Total assets rose 7,6 percent to $22,1 million from $20,5 million previously.

Madzima said the company is adequately capitalised with a net equity position of $13,5 million against a minimum regulatory threshold of $5 million for deposit taking microfinance institutions.

The company declared a dividend of 0,051 cents per share.