GetBucks suffers P2.3m loss despite loan growth

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.

Editor's Comment
The State apparatus must be sanitised

When the State cannot rely on its own machinery to pursue suspected wrongdoing, repairing that machinery must become a national priority.The establishment of a Special Investigations and Asset Recovery Task Force may help government respond to the immediate challenge. However, Botswana cannot afford to leave the Directorate on Corruption and Economic Crime (DCEC) and the Directorate of Public Prosecutions (DPP) struggling whilst building...

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