Please receive this audit report for the year ended 31 December 2020. I would also like to highlight that we have finally succeeded in aligning our year end timelines. Many thanks to the Management team for working hard in this regard.
Given continuing investments to transform BBS Limited and challenging economic conditions, BBSL did not record a profit. BBSL recorded a loss of P14,652 million compared to a loss of P35,761 million for the year ended 31 December 2019. Detail on the performance of BBSL during the year under review is contained in the complete report.
Further, I would like to caution you that in the coming year we anticipate recording another loss because of continued significant investments in systems and human resources in line with our commercial aspirations. That said, BBS Limited is a resilient business and will get even stronger in years to come.
Update on Commercialisation
An update on the application for a banking licence by BBS Limited will be provided at the meeting of Shareholders. Nonetheless, we hope to start operating as a commercial bank by the last quarter of 2021.
In the meantime, we are working hard to ensure that our information technology systems, including VISA capability, are ready. BBS Limited has also been strengthening its human resources capabilities in readiness for commercial banking operations. In the next few months we will also be launching our new brand identity which is intrinsically linked to our new corporate strategy. I hope you will find it exciting and invigorating. We are confident that the new brand identity, backed up by new products and services as well as exceptional customer service, will announce our presence in the commercial banking space in a very strong way.
BBS Limited Board
During this period, we welcomed two new Board members, Mr. Geoffery Bakwena and Mrs Elaina Gonsalves who have a wealth of experience in finance and we are confident that they will add value to the BBS Limited Board.
The BBS Limited Board remains committed to implementing the strategic direction of the Company, and that governance processes are adhered to ensure its continued sustainability. During the year under review, the Board continued to assess its own perfomance in line with best practice.
I would like to end by thanking all our Shareholders and stakeholders for their generous support during the year under review.
Pelani D. Siwawa-Ndai
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