afb financial service makes 100% profit before tax

afb Ghana plc, a financial service company has reported improvement in its profit before tax by 100 per cent.

Mr Arnold Parker, the Managing Director, afb Ghana plc said the key focus of management for the 2015 financial year was to strategically position the business for future growth and success.

Mr Parker, speaking during the company’s facts behind the figures session at the Ghana Stock Exchange, said the successful issuance and listing of the corporate bonds on the GAX has allowed the company to redeem all foreign denominated liabilities.

He said it has also allowed the company to eliminate all foreign currency risks for the business.

He said in 2015, the business paid attention to reducing its dollar debt, cutting cost and loan recovery and in 2016 and beyond, the business would be focused on balance sheet growth and profitability.

He said the company would be launching a mobile loan service in the coming months to meet the financial needs of its customers.

“We are targeting 10 to 20 per cent of mobile money users and we have already signed an agreement with some of the telecommunication companies.

He said during last year about 47 per cent of their loan applications were for education purposes, while over 30 per cent was to invest in business operations.

Mr Bruce Sneddon, afb Loans Group Chief Executive Officer, said the company has started the current financial year well ahead of its month to month budget in what it promised to be a good year.

He said in July 2015, the company raised GH₵ 40 million by issuing on the GAX corporate bonds to the investing public, which was heavily oversubscribed.

“Market watchers will be keenly eyeing afb, this year as it has made inroad into the market with its paperless loan application platform and other branchless financial service products,” he added.

Mr K. S. Yamoah, Managing Director, Ghana Stock Exchange said the event was for companies to appear before investor, stakeholders to explain their achievements and challenges over the year.

He called on other companies to appreciate the facts behind the figures session and take advantage of it.

Source: GNA