BancABC narrows losses

BancABC was taken over by Atlas Mara
BancABC was taken over by Atlas Mara

ABC Holdings Limited, the parent company to BancABC, narrowed losses it incurred in the first year of its acquisition by Atlas Mara Limited in July 2015.

This is evident from its preliminary group results for the year ended December 31, 2015. In comparison with its previous year’s performance, the group recorded an improvement of attributable loss of $0.6 million (P6.51 million), from the reported loss of $48.6 million (P527.23m) in 2014.

The group’s acting chief executive officer, Blessing Mudavanhu said while challenging, the first year of acquisition has been met with considerable success.

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While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...

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