Mmegi

BBS Bank turns first profit

In the black: BBS Bank is set to post a profit PIC: BBS BANK FACEBOOK
In the black: BBS Bank is set to post a profit PIC: BBS BANK FACEBOOK

BBS Bank looks set to turn its first profit since transforming into a commercial bank two years ago, with directors projecting an increase of up to 121% in pretax profits for the year to June 2024.

BBS Bank, the country’s sole indigenous commercial bank, is expected to unveil its interim results no later than September 27. In a cautionary to investors this week, BBS Bank directors said the pretax profits for the half year to June 2024 were expected to be between P33 million and P35 million higher than the corresponding period last year. BBS Bank incurred a pretax loss of P29 million for the year to June 2023, continuing a prolonged period of operational weakness for the country’s youngest bank. Directors did not provide reasons for the higher projected pretax profit for the half year to June 2024.

BBS Bank was granted a commercial banking licence in October 2022 and has been posting losses since then, ranging from a pretax loss of P19.7 million for the year to December 2022, to P28.2 million for the year to December 2023. Much of the losses have had to do with the transformation from a building society to a commercial bank and the initialisation of digital banking, as well as costs of funding and other market pressures. At the end of 2023, directors said they expected to see the investments and initiatives made in BBS Bank translating to profitability in 2024.
Editor's Comment
Enough is enough!

On Saturday at around 9am it was reported that an accident claimed the lives of five people who happened to be related. The car they were travelling in is said to have attempted to overtake only to realise that the oncoming car was fast approaching. When the driver tried to get back to his lane, he hit the car he was trying to drive past whilst overtaking.Many quickly took to social media to show sympathy to the victims and also offer their...

Have a Story? Send Us a tip
arrow up