Finbond Group Limited, a North-American and South African Financial Services institution in its interim results for August 2017 is reporting an increase in interest income by 22% to ZAR244.1 million.
This is a better performance when compared to ZAR200.9 million recorded same period in 2016.
Profit before taxation shot up by 127% to ZAR171.4 million in contrast to ZAR75.6 million posted in the previous year. Profit attributable to owners of the company grew by 87% to ZAR92.8 million against ZAR49.6 million.
Furthermore, headline earnings per share rose 87% to 12.4 cents per share from 6.7 cents per share posted in the year 2016.
No interim dividend has been declared.
Finbond Mutual Bank is a leading South African Financial Services institution that specialises in the design and delivery of unique value- and solution-based savings, credit and insurance solutions tailored around depositor and borrower requirements rather than institutionalised policies and practices.
Finbond conducts its business through Finbond Mutual Bank’s two divisions focussed on:
• Investment and Savings Products; and
• Micro-Credit Products
Investment and savings products, which offer a superior, above average rate of return, are offered nationally to investors and pensioners looking for guaranteed higher fixed income in the current environment of depressed yields. Finbond’s strategy is to stimulate savings through offering superior investment and savings solutions by providing client shareholders with better interest rates, better products and better service. At 28 February 2017 Finbond Mutual Bank held deposits of R1.1 billion. All investment and savings products are marketed nationally in the print and radio media, and are available nationally through Finbond Mutual Bank’s head office call centre in Pretoria.
Micro Credit Products are offered nationally to the under-banked and underserved market of more than 40% of the adult population in South Africa actively seeking credit solutions but remaining largely unattended and underserviced due to the traditional banks’ concentration on the higher income brackets of the population. Finbond Group’s Micro Credit division operates nationally through 379 branches in South Africa and has 1284 employees. For the twelve months ended 28 February 2017 Finbond Group granted loans of R1.2 billion and received cash payments of R1.8 billion from clients. 100% of customer payments are collected via advanced direct debit orders. Finbond has a credit client base of 810 944, with 227 168 active monthly clients.
Finbond commenced trading in 2003, was listed on the Johannesburg Stock Exchange in 2007 and received its Mutual Banking license from the South African Reserve Bank in 2012.