GETBUCK bank recorded a net profit of $192 million for the year to December 31, 2021, a 366 percent increase from prior year loss of $72 million.
The microfinance bank said the increase was largely as a result of a reduction in a net monetary loss from $48 million in 2020 to close at net monetary profit of $25 million in 2021, largely due to the microfinance Bank’s assets being predominantly monetary.
Operating expenses increased by 55 percent during the year under review from $258 million to $399 million.
The increase was lower than the average inflation for the year under review.
Borrowings increased from $161 million to $284 million as the microfinance bank managed to mobilise new lines of credit. However, customer deposits shrunk by 58 percent to close at $79,2 million from $187 million due to the general market’s reluctance to hold on to monetary assets considering the inflationary pressure and fear of real monetary loss due to currency depreciation.