Runaway Inflation Drags GetBucks Opex To New Heights

Author Name
Rugare Mukanganga
Author
Stock Market 6 months ago

ZSE-listed microfinancer GetBucks posted a ZWL 45 million loss for the year ended December 31st 2020 following a hyperinflationary financial year. The Covid-19 pandemic compounded the Bank's losses in the period, with operational expenditure ballooning to ZWL 160 million at the end of 2020, up from ZWL 115 million in the 2019 financial calendar. Inflation on the other hand closed the year at a realatively lower 348.6%, down from 521% in the prior year.

 

In a recently released year-end report, the Bank reported staff costs accounting for 35% of 2020's higher opex figure. At just over a third of opex figures, the total was in-line with industry trends in a year comprised of high staff rationalisation costs, expenses associated with operational remodelling as well as health and hygiene investments for the wellbeing of employees. 

 

 


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