Carbon Finance Posts N3.901bn Revenue In H1

Nigeria’s digital financial services company, Carbon Finance has declared a revenue growth of N3.9 billion 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 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 seven per cent amidst a challenging macro environment.