PHILLIMON MHLANGA
Financial service provider, GetBucks Microfinance Bank has nearly doubled the size of its loan book during the first quarter ended September 30 as it continues to focus on growing its customer base.
The lender grew its loan book by 80% to ZWL$43.8m from ZWL$24.4m in June.
The bank also saw total deposits increasing to ZWL$8.3m in the first quarter to September 30 from ZWL$2.9m realised in the quarter to June 30.
In its trade update for the quarter published Friday, Patrick Mashinga, the GetBucks chief finance officer, said the bank continued to focus on growth of its customer base with a fully functional banking platform.
“This has seen the bank increase leverage and grow its loan book, thus creating a base to offer retail services,” Mashinga said.
GetBucks’s fair value gains contributed ZWL$17.4m to the bottom line.
Total assets increased by 63% to ZWL$112.7m during the period under review from ZWL$69.3m in June, due to investments in financial assets, increase in cash and cash equivalents and revaluation of investment property.
Shareholders’ equity increased by 53% to ZWL$52.2m driven by revaluation gains in investment property and profitability.
The company also held a rights issue in July and raised ZWL$5m. The cost to ratio from the quarter was 47%.
GetBucks plans to roll out a new model that will see the serving customers through agents as it seeks to expand its footprint.
The bank will also leverage on technology to deliver services and embed its products with various retailers and service providers.
