The 40% reduction is reflected in the adverse movement as the income statement moved from a $21 million profit in prior year to a $20 million loss in the current year,” GMBL chairman Rungano Mbire said in a statement accompanying the results.
Despite customer deposits increasing by 40% to $12,7 million in the period under review, from comparative $9,1 million in the previous period, GMBL’s performance was largely subdued.
Further, net interest income declined by 68% to $20,66 million for the period under review from a previous comparative of $64,42 million.
In that regard, total assets reduced by 36% to $132 million for the half year ended December 2019, from a previous comparative of $205 million, with the biggest source of reduction being loans and advance to customers.
“The 36% reduction in total assets reflects the fact that the bank’s capital preservation strategy was not able to fully preserve shareholder value at a higher rate than inflation.
