MTF profits hit the brakes

Tue, 24 Nov 2020

Profit at MTF Finance fell 55 percent in the the year to September after the covid-19 lockdown slashed lending in April and the firm increased its provisions for the risk of a sustained downturn.Net profit fell to $4.96 million, down from $11.14 million a year earlier. The company said a $4.5 million increase in the credit risk adjustment on its loan book — due to uncertainty heading into 2021 — resulted in an unrealised $3.5 million loss on financial instruments, compared with a $4.4 million gain the year before.Excluding those fai...

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