First Capital Plus makes gains

BY: Samuel K. Obour

First Capital Plus (FCP), a savings and loans company, has witnessed growth in most of its sectors of operations.

According to the Chief Executive Officer (CEO), Mr Kofi Mensah, FCP was able to increase its total assets from GH¢125,146,225.80 in 2011 to GH¢286,797,625.67 between 2011 and 2012 respectively, representing a 129.17 per cent out-turn.

Briefing the media in Accra, the Chief Executive of FCP, Mr Kofi Mensah, said the growth was as a result of the competitive products the company introduced onto the market.

He said interest income, which drives profitability in the financial service sector, grew from GH¢31,153,327.00 in 2011 to GH¢58,556,680.84 in 2012, representing an 87.96 per cent increase.

He added that the company’s profit before tax  declined by 9.24 per cent, reducing from GH¢8,874,061.00 in 2011 to GH¢8,053,666.83 in 2012.

According to the CEO, the profit   declined due to massive expenditure in systems and structure as the company geared up to enter another phase of its development.

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He said FCP had developed a five-year strategic plan to position itself to break new grounds.
FCP is present in five regions: Greater Accra, Central, Western, Eastern and Ashanti.

The bank aims at extending its branch network to the Brong Ahafo and Northern regions.

Mr Mensah said the company’s speed banking, which allows customers to make deposits anywhere and at any time using their mobile phones and cards, also contributed to the growth within a 13-month period.

He indicated that the company had focused on convenience, competitive investment yields and timely loans mainly for micro, small and medium enterprises (SMEs).

“We have stuck to providing what our customers really want and doing so with  a customer service that is friendly and convenient,” he said.

He added that FCP was expected to introduce a flexible scheme to help SMEs access loans for their businesses and to be able to contribute its quota towards the economic development of the nation.

The company, he said, would this year focus on easing the difficulties faced by SMEs in order to strengthen their activities.

Mr Mensah added that FCP would improve its monitoring and surveillance system to effectively respond to the threat of money-laundering.

Story: Jennifer Ansah