NDB posts P87m loss on high impairments

NDB CEO: Lorato Morapedi
NDB CEO: Lorato Morapedi

The National Development Bank(NDB) has said it expects to record a loss of P86.4 million for the financial year ended March 2014 on the back of huge impairment charges.

In a statement released on Friday, CEO Lorato Morapedi said that despite the expected loss, the bank registered growth in interest income, assets and advances. According to Morapedi, interest income increased by eight percent from P202 million in 2013 to P218 million.

“Operating expenses increased by only 4 percent which is indicative of the Banks efforts to manage costs in an environment of increasing administration costs,” she said.

Editor's Comment
Stay safe this holiday season

However, amidst the happiness, it is crucial to remember that the holidays can also bring unforeseen challenges. From increased traffic and travel hazards to heightened risks of accidents and social unrest, the festive period demands heightened awareness and responsible behaviour.Traffic congestion and accidents are a common occurrence during the holidays. With increased travel, roads become busier, leading to a higher risk of collisions. Alcohol...

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