Savings and Loans Company, Bayport, has told Citi Business News it will be raising 300 million cedis from the Ghana Stock Exchange, through the issue of corporate notes.
According to the company, the move is in fulfillment with plans to expand its initial 200 million cedis note programme.
The Managing Director of Bayport, Nii Amankra Tetteh disclosed this when the company appeared on the facts behind the session at the Ghana Stock Exchange.
According to Mr. Amankra Tetteh, the move should support the loan book of the company.
“It is not just to go and get these funds but to make sure that there are specific needs that as a business we have, that we are channeling it at,” he said.
Financial statement by Bayport shows that in 2017, the company’s income reached 100.3 million cedis from the 81.9 million cedis that it recorded in 2016.
Also, Bayport’s assets went up from 365.8 million cedis to 538.8 million cedis between 2016 and 2017.
Again, operating expenses went up due to a merger of Bayport with another company CFC.
Meanwhile, the non-performing loan ratio (NPL) is between 9%-10% and a Capital Adequacy ratio of 19%.
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana