Carbon Finance announced its half-year results and financial statements for the six months that ended June 30, 2022, reporting over N3.9 billion in revenue and N1.4 billion in operating profits.
Following steadily rising revenue, it produced a net income of N201 million for the fiscal year that ended June 30, 2022, while also raising interest income by N580 million and implementing sound risk-management procedures that caused Impairment to fall by 7% in the face of a difficult macroeconomic environment.
The top companies in the country’s Fintech sector recorded revenue of N7.72 billion in 2021 accounts, up 4.5% from N7.39 billion in 2020.
The company clarified that the release is consistent with the management’s commitment to annually publish its financial statements.
The online bank just celebrated ten years of value and trust by wrapping off its tenth anniversary.
After launching in 2012, the business changed its focus in 2016 to become a digital lender. Since then, it has grown into a fully-functional digital financial services platform that provides loans as well as cost-effective bill payments, free fund transfers, and high-yield savings and investment options.
Despite these challenges, the company was still able to increase loan disbursements and launch a new product line called Carbon Zero, which has generated GMV of N1 billion since its launch in December 2021.
With its newest flagship product, Carbon Zero, users have the freedom to shop for what they want, when they want, without breaking the bank and with a 0% interest rate. This flexibility has recently been added to the Carbon app and extended offline.
The company claimed that over the past few years, it has increased its focus on encouraging retail deposits, which has supported a three percent decrease in its cost of funds over time and has contributed to the impressive growth of its retail business.
