Finbond streaks ahead with 81% increase in HEPS

Johannesburg – South African financial services institution, Finbond Group Ltd [JSE:FGL], has announced an 81.2% increase in its headline earnings per share (HEPS). Operating profit increased by 57.3%.

Finbond released its consolidated results for the year ended February 28 on Wednesday morning. The results showed growth across Finbond, with HEPS amounting to R252.2m for 2018. 

The company further recorded an increase of 52.2%, to R704.5m, in its earnings before interest, taxation, depreciation and amortisation (ERBITA).

Finbond said their strategic plan had proved to be successful.

• READ: Lack of evidence scuppers credit regulator bid against Finbond

"We remain focused on executing the Group’s strategy and top business priorities, namely optimal capital utilisation, earnings growth, strict upfront credit scoring, good quality sales, effective collections, cost containment and training and development of staff members," the company said.

Approximately 59% of revenue can be accounted for by the growth of its business in North America, Finbond added. Thanks to this, Finbond plans to open a further 60 branches in the next year.

It also plans to open 30 more branches in South Africa. The group currently has 415 branches locally and has 89 ATMs.

The company said: "Our strategy is transforming Finbond into a focused multinational business, diversified across geographies and products."

However, Finbond’s share price had decreased by 0.22% to R4,44 per share on Wednesday at 14:00.