Bayport Savings and Loans PLC, a leading payroll lender, has set an ambitious target to double its profit by the end of the year, building on a strong performance recorded in the first half.
The company, which reported a profit of GH¢218 million at half-year, is targeting GH¢436 million by the end of the year, as it intensifies efforts to expand access to credit, improve efficiency and deepen its presence in the government payroll market.
The Chief Executive Officer of Bayport Savings and Loans PLC, Mr Akwasi Aboagye, stated this in an interview with The Ghanaian Times after the company’s participation in the “Facts Behind the Figures” series of the Ghana Stock Exchange (GSE) in Accra yesterday.
Mr Aboagye said the company’s performance reflected the effectiveness of its strategy, operational discipline and growing customer confidence in the Bayport brand.
“I believe that on the path that we are on, we should be able to end the year around GH¢436 million. That position would make us one of the most profitable, not only savings and loans companies, but even within the financial services sector,” he said.
He explained that falling interest rates had enabled the company to reduce its lending rates, making loans more affordable for civil servants and other government employees.
“Customers are at the heart of our business. We have grown at a time when interest rates have come down, and that has allowed us to reduce our interest rates so that more civil servants can take loans with us,” he said.
Mr Aboagye said the strategy was also contributing to financial inclusion by taking credit to people who previously had limited access to formal financial services.
He said Bayport currently controlled about 33 per cent of the government payroll lending market and had set an ambitious target of increasing that share to at least 50 per cent by 2029.
“We want to continue helping teachers and the average public servant to come into the financial net. That is what we stand for,” he said.
Mr Aboagye also disclosed that Bayport’s non-performing loan (NPL) ratio stood at 8.1 per cent at the end of the first half, below the Bank of Ghana’s 10 per cent benchmark.
He expressed optimism that the ratio would fall to seven per cent before the end of the year, citing investments in digital systems, risk management and loan recovery.
The Managing Director of the GSE, Ms Abena Amoah, commended Bayport for its strong performance and customer-focused approach.
She said Bayport’s support for teachers and public servants was important to Ghana’s economic development and financial inclusion.
Ms Amoah also disclosed that Bayport had raised more than GH¢725 million through 25 tranches since entering the fixed-income market in 2015.
She expressed hope that the company’s anticipated equity listing would materialise, adding that the GSE was keen to support more corporate issuances and broaden opportunities for investors.
The GSE Composite Index, she noted, had gained 73 per cent so far this year, while fixed-income market trading had reached GH¢281 billion as of August 18, already exceeding the GH¢245 billion recorded for the whole of 2025.
BY KINGSLEY ASARE
