Bayport Savings and Loans Plc has disclosed it will seek to increase the size of its existing GHS200 million Note Programme to GHS500 million.
Mr Nii Amankra Tetteh, Bayport’s Managing Director, during his company’s turn at the Ghana Stock Exchange’s (GSE) facts behind the figures announced that the company will be raising an additional GHS300 million.
The bond will be listed privately on the Ghana Fixed Income Market (GFIM), having a tenor of seven years at a fixed or floating rate, to qualified institutional investors in accordance with stipulated Ghanaian law.
The amount, Tetteh explained, will not be raised at a go but, as and when needed to support their loan book.
The company, he disclosed, intends to consolidate its dominance in government payroll lending, while further exploring new opportunities in the private sector payroll space.
We are poised to pilot new offerings in this space as well,” Tetteh said
Having a solid presence in all 10 regions of the country and providing significant services to its customers, the company, Tetteh said, is poised to become Ghana’s leading Retail Financial Solutions provider.
He emphasised Bayport’s commitment to deploying technology to serve their customers more effectively and efficiently.
Tetteh said having built a well-known and reliable brand over the past 15 years, in the microfinance space, the company is committed to serving its target market and in no hurry to venture into areas that deviate from its core lending mandate.
Despite not having a programme targeting women, specifically, he disclosed the company supports government’s vision of ensuring approximately 50 percent of all MASLOC loans are targeted at women entrepreneurs, since that was the surest way of ensuring inclusive development.
Bayport’s Chief Finance Officer, Mr Gabriel Quartey said the company in 2017 closed with a net interest income of GHS100.3 million compared to 2016 value of GHS81.9 million.
Total asset strength of the business increased from GHS365.83 million in 2016 to GHS538.83 million in 2017.
He revealed a 70 percent growth in the company’s net advances, which as March 2018 stood at GHS502.7 million
Non-performing loan ratio (NPL) currently, Quartey noted, is between 9 and ten percent with a Capital Adequacy ratio (CAR) of 19 percent.
Operating expenses also went up due to a merger of Bayport Financial Services with Consumer Finance Company (CFC) another subsidiary of Bayport Management Limited {BML)
By Emmanuel Kwablah