Bayport Savings and Loans says it has attained significant gains in the first half of 2020.
The company remained resilient through the COVID-19 pandemic, recording a profit after tax of GH?8.4 million, which is a significant increase on the GH?185,000 achieved for the same period in 2019.
The 2019 performance was, however, partly constrained by investments in restructuring and downsizing programmes.
A statement issued in Accra by the Company said the impressive profit performance was driven by a growth in interest income resulting from the implementation of key strategies over the last two years.
The statement follows the Company taking its turn at the Facts Behind the Figures programme of the Ghana Stock Exchange, in Accra, on Wednesday.
It said it was also because of the significant savings from cost optimisation initiatives, and a significantly reduced forex exposure.
“In addition, the Company recorded a three per cent growth in total assets to GH?809 million, compared to GH?788 million in 2019.
It 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,” it added.
The statement said Bayport maintained its market-leading position in the government payroll lending space with 21 per cent market share (total Controller and Accountant General’s Department deductions).
It said it enhanced its customer value proposition and experience by improving time to cash from above 24 hours in 2019 to only three hours.
It said Bayport commenced its digital journey two years ago and had successfully launched several initiatives, including migrating more than 1 000 agents onto the MyBayport app installed on tablets provided by the business; enabling them to onboard and engage the customer in the field.
It said it had fully trained its back-office operational staff and agents on the use of these new applications, which had improved loan turnaround time and customer experience.
“Bayport is optimistic about its future as it prepares to introduce unique digital platforms in the second half of the year,” it said.
These platforms will facilitate the migration to a more seamless operation, and enhance business transformation through digitisation so as to accelerate growth and provide first-class banking solutions for customers.
The statement said in addition to its 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.
It said Bayport’s Board structure had always provided a solid foundation for purposeful supervision and governance of the business and it was this robust corporate governance environment that fostered its market’s trust and confidence, and underpinned its favourable half-year performance.
On the corporate social investment front, it said Bayport supported the country in the areas of health and education and had awarded scholarships to numerous students to attend primary, secondary and tertiary institutions across the country.
“This brings the total number of students, who have benefitted from the Bayport Educational Scholarship Scheme to 120,” it added.
In the area of the fight against COVID-19, Bayport made donations valued at more than GH?150, 000 to selected isolations centres.