NDB posts P87m loss on high impairments

NDB CEO: Lorato Morapedi
NDB CEO: Lorato Morapedi

The National Development Bank(NDB) has said it expects to record a loss of P86.4 million for the financial year ended March 2014 on the back of huge impairment charges.

In a statement released on Friday, CEO Lorato Morapedi said that despite the expected loss, the bank registered growth in interest income, assets and advances. According to Morapedi, interest income increased by eight percent from P202 million in 2013 to P218 million.

“Operating expenses increased by only 4 percent which is indicative of the Banks efforts to manage costs in an environment of increasing administration costs,” she said.

Editor's Comment
Boko should stop the fighting and start the delivering

With his theme of 'Delivering on Our Promise, One Step at a Time', he sought to project an image of a focused, determined leader building a new ‘Rome’. Sadly, parts of his speech were not about laying bricks, but about settling old scores.It is deeply worrying that a head of government would use such a pivotal national address to launch another bitter broadside against the media and his political detractors. His portrayal of the...

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