Carbon Finance Announces N3.9bn revenue in H1 2022

Kayode Tokede 

Carbon Finance yesterday released its half-year result and accounts for period ended June 30, 2022, declaring about N3.9billion in revenue and N1.4billion operating income.

On the heels of growing revenue steadily, it delivered a net income of N201million for the period ended June 30, 2022,  while increasing interest income by N580 million and adopting sound risk management practices that saw Impairment reduce by seven per cent amidst a challenging macro environment.

The leading players in the nation’s Fintech industry had reported N7.72billion revenue in 2021 accounts, an increase of 4.5per cent from N7.39billion in 2020.

The company explained that the release is in line with the management’s promise to publish its accounts yearly.

The digital bank recently wrapped up its 10th anniversary, celebrating a decade of value and trust.

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. 

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 N1billion 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 stated that it has also intensified its 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.