Artificial intelligence (AI)-driven MyBucks SA (DE:MBCG) has made notable progress in recent months. The strategic partnership with NAGA is a key step in developing MBC’s digital banking business and builds on the H1 turnaround in banking results. These, along with improved cost ratios, partly countered the still burdensome level of financing costs, as the group swung into pre-tax profit from losses in the prior year. This takes the company a step closer to becoming net earnings positive. Debt refinancing costs are being reduced and a €11.7m gross private placing was undertaken in February. MBC is also well positioned for organic growth through the launch of new insurance and lending products and plans to integrate its TESS user experience product throughout its operations.
Top-line growth and efficiencies drive H118 results
MBC recorded a pre-tax profit of €66.6k in H118 vs a loss of €3.4m in H117 helped by an 18% y-o-y increase in revenue to €29m, and by y-o-y improvement in the impairment to revenue ratio (21.4% vs 23.9% in H117) and in the operational cost ratio (60.3% vs 71.2% in H117). Banks under the Opportunity Bank brand are the main driver of these enhanced operational ratios.
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