BBS' Non-Performing Loans On The Rise

In a statement accompanying unaudited preliminary BBSL financials for the year ended December 31, 2019,  managing  director, Pius Molefe  said their customers defaulted on their loan repayments  due to loss of income and/or loss of jobs largely associated with mine closures and retrenchment by some companies. 

However through the bank’s operational risk management framework, they took several reasoned steps to protect the business from COVID-19 shocks.  “One of them was reducing mortgage funding limits for various geographical areas. It is subject to review as the fortunes of the business and the economy improve,” Molefe said.