GetBucks suffers P2.3m loss despite loan growth

Friday, January 10, 2020

Rising demand: More Batswana are turning to microlenders' services PIC: MORERI SEJAKGOMO

Fast-growing microlender, GetBucks Limited posted a P2.3 million aftertax loss for the year ended June 30, 2019, as a write off of receivables from a sister company cancelled out increases in the loan book and topline revenues.

GetBucks Limited, a subsidiary of Luxembourg-headquartered MyBucks, is amongst the larger microlenders in the aggressively competitive local market dominated by Letshego Holdings.

According to its recently released results, GetBucks’ loan book rose 28% year-on-year to P48.7 million by June 30 last year, while revenues quickened 11% to P42.9 million.

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