BBS banks on demutualisation as profits fall
Tuesday, August 05, 2014
According to the results, BBS recorded a four percent decline in profits from P71million in the previous year to P68 million. In a statement accompanying the results, BBS board Chairman Cross Kgosidiile attributed the decline in profits to the constraints placed on the Society by the restrictive Building Societies Act.
While BBS has been restricted by law to mortgage lending and deposit-taking activities only, it has faced stiff competition in the market from commercial banks, which can offer many other lines of products.
The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...