Nigeria’s leading digital financial services company, Carbon Finance has declared a revenue growth of 16 per cent in its half year (H1) ended June 30, 2022 results.
The company said its 2022 financial statement is in line with its promise to publish its accounts yearly, saying the digital bank recently wrapped up its 10th anniversary, celebrating a decade of value and trust.
Reviewing the results for the H1, the Company revenue stood at N3.901 billion from N 3.35 billion in June 2021.
Cost of sales rose by 32 per cent from N947 million to N1.250 billion in 2022, while gross profit rose by 10.18 per cent to N2.651 billion as against N 2.406 billion in 2021. Operating income amounted to N1.437 billion in the period under review, higher than N 886 million in 2021.
Having begun operations in 2012, the company pivoted in 2016 to become a digital lender which developed into a fully-functioning digital financial service platform that offers cost-effective bill payments, free fund transfers, and high yield savings and investment options in addition to loans.
The Company’s profit before tax (PBT) stood at c.N200 million for the period ended June 30, 2022.
Also interest income amounted to N580 million while adopting sound risk management practices that saw Impairment reduce by 7% amidst a challenging macro environment.
The Company said “despite these headwinds, the group was able to grow loan disbursements and introduction of a new product line; Carbon Zero that has so far, done GMV of N1 billion plus since its introduction in December 2021.
“Carbon Zero, its latest flagship product gives users the flexibility to shop for what they love, when they want, without breaking the bank and pay back at zero per cent interest rate. This flexibility has been extended offline and recently infused into the Carbon app.
“The company has also intensified focus on driving its retail deposits for the past few years which has supported a three per cent decrease in its cost of funds over the years and continues to grow remarkably in its retail business.”
Speaking on the Bank’s performance, Ngozi Dozie, the co-founder and CEO of Carbon Finance, noted, that “we are on the path to being everywhere our consumers go, our products and services are built on the promise of playing a fundamental role in their lives by providing versatile solutions to their needs.
“We will continue to share our finances as we adhere to a culture of transparency and accountability. It’s important for us to make finance work for everyone, and Carbon is perfectly positioned to become the one app customers can use to manage their entire financial lives.”
Carbon is a credit-led, Pan-African digital bank. Carbon aims to further its mission of providing modern financial products and building value-based relationships for customers. As a result, Carbon is uniquely positioned for significant growth and impact.
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