Quote from Chairmans Report in the 2013 ANNUAL REPORT: .....
"... we have had a most satisfying year achieving a 6% growth in assets while profitability increased on the back of a slight widening in our margin and decrease in bad debt provisioning. This is a positive reflection on our strategy of steady and profitable balance sheet growth with assets now standing at R913 million and our bad debt ratio running at below the national average."
See link to the ANNUAL REPORT below.
GBS MUTUAL BANK
The GBS Mutual Bank, established in 1877, is one of the oldest banking institutions in South Africa with established branches in Port Elizabeth, Grahamstown, Port Alfred and Cape Town. The Bank is also represented by agencies in several cities and towns elsewhere in South Africa.
Competitive rates are offered on the Bank's investment products, while the expansion of its assets is maintained through the provision of mortgage finance (both small commercial and residential) and asset based finance.
GBS accepts its social responsibilities by being a regular and proactive contributor to projects designed to improve the quality of life of the people in the areas surrounding our branch network. As a founding member of the Rhodes University Commerce Foundation Program, the Bank also assists deserving candidates from Grahamstown's disadvantaged areas with their studies. Through its involvement with Rhodes University Centre of Entrepreneurship the GBS assists entrepreneurs in starting up of small medium enterprises(SME's)
Click here to download and view the 2013 Annual Report in PDF form