Bayport Savings and Loans PLC says it is ready to consolidate its dominance in government payroll lending by enriching the proposition and experience of its customers.
In this direction, the company said it was focusing on the use of digital platforms to deliver financial services as part of its strategic direction to reach the unbanked and underserved communities in the country.
Mr Nii Amankra Tetteh, the Managing Director of Bayport Saving and Loans Plc, said this when the company took its turn on the facts behind the figures programme of the Ghana Stock Exchange (GSE).
It was to enable Bayport to brief the investors, brokers and journalists on its 2019 half-year performance.
Mr Tetteh said the move to use digital delivery channels is to reduce the cost of operations and expand the footprint of the company across the country.
As at June this year, the company has established about 34 digital centres across the country through which clients access financial services.
Bayport closed the first half of 2019 with a net interest income of GHc125.3 million while loans and advances grew by 23 percent to GHc663 million compared to 2018’s half year positions of GHc538 million.
The growth was largely due to the company’s response to market dynamics for longer term loan, adding that the cost of funds to the business remained largely flat as Bayport took significant steps within the industry’s challenges to replace expensive funding with cheaper funding.
Interest expense went up by 21 percent as a result of the additional funding raised to support the growth of the loan book.
The Managing Director said interest expense, however, reduced by six percent because of branch closures and growth in digital channels.
The company has raised about GHc300 million from the Ghana Fixed Income Market of the Ghana Stock Exchange from a shelf amount of GHc500 million.