Profit before tax reached GH¢118.3 million, total assets increased to GH¢2.44 billion, customer deposits rose to GH¢1.55 billion and CAGD payroll market share reached 33%.

Bayport Savings and Loans PLC’s unaudited financial statements for the six months ended 30 June 2026 show continued progress across profitability, funding, asset quality and operating efficiency.

The performance builds on the improvements recorded in 2025 and reflects the impact of a clearer funding strategy, disciplined loan growth, tighter credit management and continued investment in digital delivery.

During the period, the company generated profit above the level reported for the full 2025 financial year, expanded its balance sheet and further strengthened its position in the government payroll market. These outcomes were achieved while managing the effects of ongoing government payroll clean-up and employee-validation exercises.

The results indicate that Bayport’s growth is being supported by a more stable funding structure, improved portfolio quality and greater operating leverage.

Commenting on the performance, Akwasi Aboagye, Chief Executive Officer of Bayport Savings and Loans PLC, said:
“Our H1 2026 performance reflects continued execution of our strategy. We have focused on growing responsibly, broadening our deposit base, improving credit quality and using technology to enhance customer service and operational control. The results also demonstrate the resilience of the business as we continue to manage the effects of payroll clean-up exercises across our core market.”

Profitability Supported by Revenue Growth and Operating Discipline

Bayport recorded profit before tax of GH¢118.3 million in H1 2026, compared with GH¢38.6 million in the corresponding period of 2025, representing growth of more than 200%. Profit after tax increased from GH¢26.5 million to GH¢82.5 million and exceeded the GH¢72.1 million reported for the full 2025 financial year. Net interest income rose from GH¢111.1 million in H1 2025 to GH¢220.2 million, while total operating income increased from GH¢97.1 million to GH¢206.0 million. The improvement reflects a combination of higher earning assets, a more efficient funding mix, stronger credit processes and greater operating discipline.

Balance Sheet Expansion Underpinned by Deposit Mobilisation

Total assets increased to GH¢2.44 billion at the end of June 2026, up 77% from GH¢1.38 billion in June 2025 and 30% from GH¢1.88 billion at the end of December 2025. Net loans and advances increased by 68%, from GH¢1.11 billion to GH¢1.87 billion, in response to demand within Bayport’s core customer segments. This growth was supported by continued progress in deposit mobilisation and a deliberate reduction in reliance on higher-cost funding sources. Customer deposits rose from GH¢471.6 million in June 2025 to GH¢1.55 billion in June 2026. Deposits also increased from GH¢1.06 billion at the end of 2025.

Over the same period, borrowings declined from GH¢481.0 million to GH¢386.8 million, while shareholder loans reduced from GH¢106.6 million to GH¢31.0 million. The shift towards deposit-led funding has strengthened liquidity, reduced funding concentration and increased the company’s capacity to support future asset growth on a more sustainable basis. Cash and cash equivalents closed the period at GH¢325.1 million, compared with GH¢73.4 million in June 2025.

Market Position Strengthened in the CAGD Payroll Segment

Payroll lending remains a core component of Bayport’s business model. During H1 2026, the company’s market share within the Controller and Accountant-General’s Department payroll segment increased to 33%. The increase reflects continued customer acquisition, established institutional relationships and improvements in the speed and accessibility of Bayport’s lending processes.

Bayport’s distribution network currently comprises 44 locations across Ghana: the head office, 10 service centres and 33 agency offices. This physical presence, complemented by digital channels, supports customer access across urban, peri-urban and underserved communities.

Credit Quality Improved While the Loan Book Expanded

The non-performing loans ratio declined from 12.6% in June 2025 to 8.1% in June 2026. At 8.1%, the ratio was below the Bank of Ghana’s 10% regulatory limit. The improvement was recorded despite continued government payroll clean-up, validation and employee-status verification exercises, which have resulted in temporary repayment interruptions for some public-sector borrowers.

Impairment losses were contained at GH¢15.3 million as the loan portfolio expanded. The outcome reflects ongoing enhancements to credit underwriting, customer validation, data analytics, account monitoring and collections. It also indicates that loan growth has been accompanied by closer attention to portfolio quality and risk-adjusted returns.

Digital Investment Contributed to Greater Operating Leverage

Bayport’s investment in digitisation, automation and process redesign continued to support operational efficiency during the period. Technology and data-led decision-making have improved credit turnaround times, strengthened controls and enabled higher transaction volumes to be processed without a proportionate increase in operating costs. Based on the published H1 figures, the cost-to-income ratio improved to 35%, from 51% in the corresponding period of 2025.

The movement indicates that income growth outpaced operating expense growth, creating additional capacity to scale the business while maintaining cost discipline. For customers, the changes support faster decisions and more convenient access to financial services. For the company, they provide greater scalability, stronger controls and improved responsiveness to changing customer needs.

Capital and Funding Position Support the Next Phase of Growth

Total shareholders’ funds increased from GH¢263.3 million in June 2025 to GH¢393.2 million in June 2026. Retained earnings rose to GH¢264.8 million, supported by profit generated during the period. The capital adequacy ratio increased from 11.9% to 12.2% and remained above the applicable regulatory minimum.

Overall, the H1 2026 performance reflects progress across the principal elements of Bayport’s strategy: disciplined asset growth, deposit mobilisation, funding diversification, credit-quality improvement and technology-enabled efficiency.

The company enters the second half of 2026 with a larger balance sheet, a more stable funding mix, improved asset quality and increased capital resources. Management’s focus will be on sustaining these gains, maintaining underwriting discipline and converting the stronger operating platform into consistent long-term performance.