GBS Mutual Bank reported its most profitable year yet and a balance sheet growth of 10% to R1.535-billion in the year ending March 31 2019.
GBS clients were told this encouraging news at the annual GBS dinner held at the Port Alfred High School hall last Thursday.
Chairman of the board Prof Owen Skae said it was a great year for the bank in the midst of a very uncertain world, both nationally and internationally.
He listed trade wars, Brexit, rising tensions in the Middle East, and the various simultaneous commissions of enquiry into corruption and state capture in SA as examples. In addition there was SA’s shrinking economy, calls to nationalise the Reserve Bank, and on a local level the myriad problems in Makana, where GBS is based.
He said SA’s larger banks were closing branches and stripping away a layer of management.
“In the midst of this, you want to know your money is safe,” Skae said. “How do we as ordinary people survive in the midst of this?”
He assured the audience that GBS would not change what it stands for – personal service.
“One takes comfort in the fact that in our 143rd year, the core value of customer service first before anything else, ensures that in a tough economic climate, we are able to deliver financial returns that we can be justifiably proud of, driven by the personal service that we are renowned for,” Skae said.
See the full story in this week’s Talk of the Town.