Bayport Savings and Loans is proud to announce that it has attained significant gains in the first half of 2020.
The company remains resilient despite the Covid-19 pandemic, recording a profit after tax of GHS8.4 million, which is a significant increase on the GHS185,000 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 2 years, significant savings from cost optimisation initiatives, and a significantly reduced forex exposure.
In addition, the company recorded a 3 per cent growth in total assets to GHS809 million, compared to GHS788 million in 2019.
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.
Bayport maintained its market-leading position in the government payroll lending space with 21 per cent market share (total CAGD deductions). It furthermore enhanced its customer value proposition and experience by improving time to cash from above 24 hours in 2019 to only 3 hours.
Bayport commenced its digital journey two years ago and has successfully launched several initiatives.
More than 1,000 agents were migrated onto the MyBayport app installed on tablets provided by the business; enabling them to get on board and engage customers in the field.
Bayport is optimistic about its future as it prepares to introduce unique digital platforms in the second half of the year. 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.
On the corporate social investment front, Bayport supported the country in the areas of health and education. It awarded scholarships to numerous students in 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.
In the fight against Covid-19, Bayport made donations worth more than GHS150,000 to selected isolations centres.