Bayport Savings and Loans, has recorded a profit after tax of GH¢8.
4 million for the first half of this year, an increase on the GH¢185 000 achieved for the same period in 2019.
The impressive profit performance was driven by a growth in interest income resulting from the implementation of key strategies over the last two years, significant savings from cost optimisation initiatives, and a significantly reduced forex exposure.
Mr Nii Amankra Tetteh, Managing Director, Bayport Savings and Loans speaking when the company took its turn at the Ghana Stock Exchange’s Fact Behind Figures programme which was held virtually said in addition, the company recorded a three per cent growth in total assets to GH¢809 million, compared to GH¢788 million in 2019.
He said Bayport’s digital strategy was instrumental in realising these results with its focus on enabling digital loan origination through appropriate tools and application platforms, as well as digitally equipping agents in the field.
“The focus for the second half of the year is to complete the digitisation of back office processes, which will ultimately empower customers to engage directly with the company and access self-service channels,” he said.
The company he said maintained its market-leading position in the government payroll lending space with 21 per cent market share (total CAGD deductions).
“It furthermore enhanced our customer value proposition and experience by improving time to cash from above 24 hours in 2019 to only three hours,” he said.
He said “In addition to our strategy-driven operational changes, Bayport restructured its board in 2019 when three board members retired and were replaced with new members to oversee the business’ transformational agenda.
” Bayport’s board structure he said had always provided a solid foundation for purposeful supervision and governance of the business.
“It is this robust corporate governance environment that fosters our market’s trust and confidence, and underpins our favourable half-year performance.
On the corporate social investment front, Bayport supported the country in the areas of health and education,” he said.