BancABC Sees Slight Profit Growth :: Mmegi Online

BancABC has recorded P68.9 million profit before tax, which is a slight increase from the P68.5 million that was recorded in the prior year, despite the difficult economic environment caused by the COVID-19 pandemic.

According to the financial statement ending June 30, 2021, the bank’s loan book has recorded a slight reduction from P6.2 billion to P6.1 billion. The book growth reflects caution on credit as well as an appreciation of the existing environment.

he bank said the negative variance on loan impairments is a result of marginal increases in non-performance in the retail portfolio due to the financial strain of COVID-19 and Expected Credit Loss (ECL) model enhancements adopted in the latter part of 2020. Commenting on the results, the bank’s managing director Kgotso Bannabotlhe said the bank continues to operate under these difficult times and remain optimistic that as the economy opens, credit appetite will increase. “In 2020, the bank had initiatives to contain costs given the prevailing economic environment.

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BancABC Sees Slight Profit Growth

BancABC has recorded P68.9 million profit before tax, which is a slight increase from the P68.5 million that was recorded in the prior year, despite the difficult economic environment caused by the COVID-19 pandemic.

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