Bond Savings Posts Impressive Results

Bond Savings & Loans Limited

Bond Savings & Loans Limited says it will soon introduce a new product to enable government workers and individuals who receive their salaries through the Accountant General’s Department to access loans.

George Ofosuhene, Chief Executive Officer  (CEO) of Bond Savings & Loans Limited, disclosed this yesterday in Accra when the company took its turn at the Ghana Stock Exchange’s ‘Fact Behind the figures’ programme to explain its performance to stakeholders.

He said Bond Savings & Loans Limited was working to introduce an IT platform to develop products needed for the company and its clients, particularly online banking.

The company was able to advance loans to clients to the tune of GH¢233,283,346 for the 2018 financial year compared to GH¢202,780,768 in 2017.

Commenting on key performance indicators, he said the company’s interest margin grew from 6.10 percent in 2017 to 7.40 percent in 2018 while its capital adequacy ratio also marginally rose from 15.25 percent last year to 15.53 percent this year.

Bond’s non-performing loan ratio also increased from 12.55 percent last year to 16.45 percent this year while cost to income fell slightly to 48.80 percent this year from 49.20 percent in 2017.

The company also registered operating income of GH¢22,909,868 this year as against GH¢23,171,442 last year while operating expenses stood at GH¢16,618,974 this year compared to GH¢14,170,246 in 2017.

Profit-before-tax declined to GH¢6,290,894 this year as against GH¢9,001,195 recorded last year.

Even though the company was keenly expanding its presence in the country with 12 outlets currently at vantage locations, Mr Ofosuhene said that his outfit was not interested in becoming a bank.

“Bond Savings and Loans does not intend to become a bank, as the savings and loans space is capable of meeting the requirements as a company and for the clients and not necessarily converting to a bank.”

Bond Savings & Loans Limited is a non-bank financial institution licensed in 2007 under NBFI law PNDC Law 328 to provide financial services.

The company commenced operations as a finance house in 2008 and was able to acquire a Savings and Loans licence in its fifth year of operation.

BY Charles Cheku Armah

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