$Grab Holdings (GRAB.US)$ GXS Bank, a digital bank supported...
GXS Bank, a digital bank supported by Grab Holdings and Singtel, reported a substantial increase in losses for the financial year ending 31 Dec 2023, as reported by DealStreetAsia.
Despite this, the bank experienced a remarkable sixfold increase in net interest income, according to recent regulatory filings.
The bank's losses expanded to S$208.2 million in 2023 from S$131.1 million the previous year.
Net interest income, which measures the difference between interest earned on loans and interest paid to depositors, increased to S$14.9 million from S$2.4 million. However, non-interest income decreased to S$1.18 million from S$2.6 million in 2022.
Overall, GXS Bank's total income tripled, reaching S$16.13 million in 2023, up from S$5.1 million in the prior year.
This growth was overshadowed by a 57% rise in operating expenses, which climbed to S$214.2 million, driven primarily by increased staff costs that surged to S$119.3 million from S$76.4 million.
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Paul bin Anthony : good luck with your family
bullrider_21 OP Paul bin Anthony : Good luck to you and your family too.
Salmon Klein : why such an increase in staff cost? are we expecting it to lower in the coming quarters? i had confidence in this stock but not taking the final rise yet...what's ypur view?
MonkeyGee : I used Grab before and have many conversations with grab workers, and they are thankful and love working for the company. Grab is their core business. Without Grab, they have no business and finance. if Grab can turn a positive EPS this company will take off.
AnaiAnai : bad news.
胜威 Salmon Klein : Wages will increase. Because some bosses saw an increase in wages, they kicked out the bad ones, kept the good ones, then raised their wages.
It's really hard for this stock to rise higher. Their own attitudes and the difficulties that other people are currently facing have not been resolved. I don't think why nobody uses it.
The first driver was drawn with a commission, and the price became very low. The driver didn't want to load.
Second, when the merchant's commission is drawn, the merchant certainly won't just add a commission. They will charge a higher price than the commission.
Merchants and drivers and riders will be very unhappy just because they take a lot of commissions. Drivers and riders can't raise prices. But merchants can do it. Their price was raised to a price that people couldn't afford, so few people would use them. This is really bad for the company. But the company didn't solve it
If they don't solve these few points, how can people use it.
101822670 : haha.. money goes into staff pocket.. instead of say staff salary, should be increment of the directors salary.