By Kingsley Webora TANKEH
The profit for Bayport Savings and Loans Plc. during the first half of 2025 (H1 2025) amounted to GH¢26.5 million, surpassing the GH¢22 million annual profit achieved in 2024 and reflecting a 75% increase compared to H1 2024. This performance was fueled by an expansion in deposit volumes, a growing loan portfolio, and enhanced expense control.
The firm stated that it utilized effective digital evolution, careful expense control, and positive economic factors to reach what its chief executive described as an “impressive recovery” from the difficulties experienced between 2022 and 2024.
During a discussion titled “Fact Behind the Figures” held with the Ghana Stock Exchange in Accra, Akwasi Aboagye, Chief Executive Officer of Bayport, mentioned that Bayport has established itself as the top financial institution serving government workers, attaining record levels of market reach.
“If you encounter four clients within the government salary sector, one of them is likely to have a loan from Bayport,” he remarked, emphasizing that the company’s emphasis on educators, medical professionals, and public employees has resulted in a reliable investment mix while promoting access to finance.
The amount of deposits held by Bayport rose by 65 percent, moving from GH¢294 million to GH¢472 million during the first half of 2025. The bank’s lending assets went up from GH¢940 million as of December 2024 to GH¢1.1 billion by mid-2025, with plans for them to hit GH¢1.25 billion by the close of the year. The cost-to-income ratio also saw an improvement, dropping from 67 percent to 59.5 percent, and is anticipated to go under 55 percent by the end of 2025. Additionally, Bayport’s return on equity climbed nearly 50 percent, rising from 6.5 percent to 10 percent.
He credited the company’s success with this payroll loan leadership and digital evolution. As he explained, the firm has moved from a traditional paper-driven system to an entirely online financial services provider, with 99.9 percent of all transactions taking place via digital platforms.
“Currently, the company can perform end-to-end processing for loan applications. We aim to introduce AI to further enhance our credit evaluation systems,” he mentioned.
He stated that this has led to substantial operational improvements, such as cutting the typical loan processing time down to only three hours and decreasing fees—benefits that improve client satisfaction and cut down on administrative expenses.
The firm’s latest registration with the Ghana Interbank Payment and Settlement Systems (GIFSS) platform has improved ease of use, enabling clients to send money directly into their Bayport accounts from any bank system across Ghana.
Mr. Aboagye pointed out that in a setting where numerous financial organizations have faced rising operating expenses, Bayport has introduced a mindset of mindful expenditure which has led to substantial progress. “We only spend when absolutely necessary. We’re managing a highly efficient operation. This level of control over our operations has given Bayport an edge, enabling us to focus on key projects while ensuring profits.”
The betterment of Ghana’s economy has provided a more positive setting for Bayport’s achievements. A drop in treasury bill rates—from peaks of 28% during the final quarter of 2024 down to 10.5% by mid-2025—has lowered the company’s financing expenses and increased its net interest spreads.
He mentioned that this led to a decrease in its loan interest rates by approximately 6 percent, starting from August 1; additionally, the improved value of the cedi has lowered the expenses related to the firm’s technological acquisitions, most of which required imported products and services.
Nevertheless, he highlighted a significant operational issue involving delayed payments from the Controller and Accountant-General’s Department, which had accumulated to four months by December 2024. He mentioned that after implementing organized discussions, this delay was cut down to only one month by June 2025, greatly enhancing the firm’s cash flow situation.
Owing to its robust performance during the first half of the year, Mr. Aboagye anticipates that 2025 will be “significantly better” compared to 2024, as the firm aims to continue its present rate of expansion until the end of the year.
He stated that the company intends to increase its loan portfolio to around GH¢1.25 billion, while boosting its deposit base by 150%. This expansion will be backed by ongoing efforts to enter rural regions, where educators and other public sector employees have historically faced restricted access to official banking facilities.
Established in 2003, Bayport Savings and Loans Plc. started as a branch-based business in Obuasi and now stands among Ghana’s leading savings and loan institutions, serving around 180,153 active customers.
The firm is part of Bayport Management Limited, a company active in various growing economies throughout Africa and Latin America, such as Zambia, Uganda, Tanzania, South Africa, Botswana, Mozambique, Colombia, and Mexico.
Supplied by SyndiGate Media Inc. (
Syndigate.info
).
