Zimbabwe Stock Exchange-listed company, GetBucks Microfinance Bank recorded a net profit of $2.58 million for the six months ended 31 December 2017, a 51% increase from last year.
According to the group financial results, the result was achieved through increased Interest Income of $4.96 million from $4.38 million in the prior year.
“This result was achieved through increased Interest Income of $4.96 million from $4.38 million in the prior year.
“Income and fees declined from $2.1 million to $1.9 million as the bank’s broader product mix included lower-priced offerings targeting consumer product financing, which is in line with the bank’s move to lower fees on loans.
“Decreases were also registered in interest expense which declined to $0.4 million from $0.5 million as the bank relied on internal funding for the business,” reads the results.
Operation expenses decreased due to lower management fees as the bank reduced reliance on resources following internal recruitments and localization of most services.
“Operating expenses decreased from $3.12 million to $2.77 million mainly due to lower management fees as the bank reduced reliance on group resources following internal recruitments and localisation of most services.
” Loan provisions also decreased as the bank collections improved. The Net Loan book grew from $15 million to $19 million as Total Assets grew by 13% from $22.1 million to $25.5 million on the back of increased loan disbursements of $16 million compared to $10.5 million in the previous half year,” they said.
Meanwhile, the Board proposes an interim dividend of $482,000 being $0.00044 per share (0.044 cents per share.