GetBucks Financial Services Limited (GBFS.zw) Q12022 Interim Report
The economy continues to experience high levels of month-on-month inflation due to a combination of the pass-through effects of the ongoing Russia/Ukraine conflict and the weakening of the local currency. MoM inflation figures closed at 6.3% for the month ended 31 March 2022 from an average of 6% from the prior quarter.
Total income for the period grew by 47% compared to the same period prior year due to increased transaction volumes. However, loan book growth was affected by changes in the civil servants’ remuneration structure.
The Microfinance bank closed the quarter with an after-tax-loss of ZWL40mil compared to a 21mil after-tax-profit registered in the prior year largely due rising operational costs.
The Microfinance Bank’s prospects remain positive with the anticipated recapitalization of the institution expected in the 2nd quarter of 2022. The recapitalisation will see the Institution underwrite more business.
By Order of the Board of Directors
Chief Finance Officer