Bayport PLC Posts Impressive Results in Half Year

Accra, Ghana, August 19, 2019//-Bayport Savings and loans PLC has disclosed its net income of GH¢125.3 million at the close of the first half of 2019 with loans and advances recorded growth of 23 percent.

The 23 percent growth represent an increment of GH¢ 663m when compared to same period in 2018, which it recorded GH¢538m.

According to it, the growth was largely due to the company’s response to market dynamics for longer term loans.

However, the cost of funds to the business remained largely flat as Bayport took significant step within the industry’s challenges to replace expensive funding with cheaper funding.

Nii Amankra Tetteh, Bayport Managing Director in an interview with the media after a presentation at Ghana Stock Exchange (GSE) , Accra, said company is well-positioned and has nationwide coverage and presence.

According to him, despite the serious challenges faced in the financial sector in recent times, Bayport savings and loans pulled off a successful merger and has remained steadfast in their quest to create a niche in the savings and loans sector.

Bayport Savings and Plc was borne out of a merger between Bayport Financial Services and CFC Savings and Loans in 2017.

He said Share distributions of the company are Bayport Management Limited (98%), SSNIT (1%) and BIHQ (1%).

Currently, Bayport Savings and loans PLC is committed to the establishment of innovative products and an ecosystem of complementary digitized centres and touch points for the express objective of enhancing the customer experience.

He said they hope is for Bayport to become a leader in the borrowing sector and that they have not given up on the deposit mobilisation.

Acting Managing Director of GSE, Mr Ekow Afedzie commended Bayport Savings and loans PLC for its consistency with the flow of information.

He said information flow from the stakeholder is key to investors, hence the GSE is going to ensure that rules are enforced, and encouraged Ghanaians to go into the bond market.

By Akutu Dede Adimer, African Eye Report

 

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