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Getbucks posts $3.6 million profit

Deposit taking microfinance institution, GetBucks has 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.

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.- The Source

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