BBS profits maintain downward trajectory

The mortgage lender has stated that it earned a profit of P31.6 million in the half-year period ended 30 September 2014. This is 15 percent lower than the recorded mark in the same period last year. This follows another decline that happened in the previous period. In the year ended 31 March 2014, the society recorded a four percent decline in profits from P71million in the previous year to P68 million.

In a statement accompanying the results managing director, Pius Molefe attributed the decrease in profitability to the decline in interest rates and the increase in operating costs due to the demutualisation project.