Mr Parker said the year was focused on balance sheet growth to increase profitability, saying profit before tax increased by GHc7 million with a 30 per cent growth in loan book representing over 300 per cent increase for business.

He announced this when the company took turn at the “Facts Behind the Figures” session at the Ghana Stock Exchange in Accra.

“In an era when most financial institutions are struggling with high levels of non-performing loans, high operating costs and slow business, afb seems to be riding the storm,” he added.

He said the company was sold to Letshego Holdings Limited, a Botswana based financial services group with presence in 10 African countries.

“Letshego has a strategic intent to become Africa’s leading inclusive finance group, adding that the transaction has been approved by the Bank of Ghana and is currently pending Securities and Exchange Commission approval”.

Mr Ibrahim Obosu, Head of Finance and Administration, afb Ghana, said the improvement in revenue was supported by the introduction of new innovative products, expansion of branch network and rigorous measures put in place to control expenses.

He explained that interest income for 2016 increased by 16 per cent with provision decreasing by 14 per cent year on year, while its operating income shot up by 45 per cent as compared to the previous year’s which operating expenses witnessed a marginal increase of 15 per cent.

“We are confident about 2017 and the prospects for the remaining financial year and will continue to focus on balance sheet growth and profitability with special attention on introducing more innovative products and technologically driven sales channels on the market,” he added.

Afb Ghana provides financial service products to public and private sector salaried workers through its 25 branches across the country. It is one of the largest payroll lenders in the country with portfolio of over 80,000 customers.