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06.03.2012 Business & Finance

First Capital Plus Posts Impressive Growth

By Daily Graphic
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First Capital Plus, a savings a loans company, has recorded an impressive growth, posting 2,460.51 per cent increase in profits in 2011 over 2010, the company’s year of inception.

Net Interest income, which drives profitability in the financial services sector, grew from GH¢7.02 million in 2010 to GH¢29.96 million in 2011, representing 327.02 per cent increase.

The Chief Operating Officer (COO) of First Capital Plus, Mr Kofi Mensah, who disclosed this to the Daily Graphic, said the company mobilised deposits to the tune of GH¢98.41 million in 2011 as compared to GH¢36.07 million the previous year, representing an increase of 172.84 per cent.

On the other hand, loans and advances grew from GH¢20.53 million in 2010 to GH¢50.25 million in the year under review, representing 144.86 per cent outturn, as total assets grew by 173.92 per cent from GH¢47.17 million in 2010 to GH¢129.23 million last year.

According to Mr Mensah, not only did the numbers improve but some indicators such as ratios which were important for investors also recorded impressive outturns.

For instance, return on assets grew from 0.57 per cent in 2010 to 4.83 per cent in 2011, while return on equity grew from 3.5 per cent in 2010 to 32.10 per cent in 2011.

The COO attributed the company’s performance to sound management policies, innovation and solid information technology infrastructure as well as the forging of strategic long-term relationship with clients.

“We equally have good understanding of customer needs and most importantly, we are guided by the Lord as FCP’s positioning is based on “seeing lives” as opposed to “seeing customers”; as such the company is genuinely interested in the welfare and

well-being of its clients,” he stated.
That positioning, Mr Mensah said, also meant that the company treated its customers delicately and offered free professional advisory services to help them manage their businesses and finances.

First Capital Plus (FCP) is a wholly-owned Ghanaian company established in October, 2009. Currently, First Capital Plus offers one of the highest fixed deposit rates on the financial market and through its Speedbanking SMS solution and ATM’s, customers are given the opportunity to access their funds 24/7.

The savings and loans company recently introduced consumer banking solutions for both customers and non-customers, which include the Capital Smart Loan for salaried workers and entrepreneurs; Auto Plus loans to help in the acquisition of automobiles; Capital Church Credit to help religious institutions to finance their projects and activities, as well as the EduPlus Credit for registered and accredited educational institutions and their staff.

First Capital Plus has 10 branches and is poised to add 10 new branches by the end of this year as part of its rapid expansion, as it positions itself to leverage on IT to develop products for the African, Asian, North American and European markets.

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