Quality human resource is key

The CEO of First Capital Plus, John Kofi Mensah has stated that the key to organizational success especially in the banking industry is a quality and highly motivated human resource. Mr. Mensah stated this in an interaction with the Press at the Capital Plaza on Tuesday, 14th May, 2013 to discuss FCP’s phenomenal growth.

The comparative performance indicators of FCP indicate that deposits grew from Gh¢96,932,958 in 2011 to Gh¢211,110,964.64 in 2012 representing an increase of 117.79 percent, loans and advances also grew from 50, 132, 072 in 2011 to 107,653,665.16 in 2012 representing an increase of 114.74 percent.

According to the Mr. Mensah, First Capital Plus was also able to increase its total assets from 125,146,225.80 in 2011 to 286,797,625.67 in the year under review, representing a 129.17 percent out turn. Interest income grew from Gh¢31,153,327.00 in 2011 to Gh¢58,556,680.84 in 2012 representing 87.96 percent increase.

Though the company’s profit before tax (PBT) declined by 9.24 percent, reducing from Gh¢8,874,061.00 in 2011 to Gh¢8,053,666.83 in 2012, it was a 6.33 percent increase in the company’s budgeted PBT of Gh¢7,574,401.91. According to Mr. Mensah, PBT was expected to decline due to massive expenditures in systems and structures as the company gears up to operate as a fully functional universal bank.

Ratios like Return on Assets as a ratio of Profit After Tax (ROA-PAT) declined from 5.18 in 2011 to 2.22 as a result of the massive increase in the company’s fixed assets over the period under review.

Mr. Mensah intoned that though technology is an important driver in the banking industry it’s important to ensure that the customer-organizational interface is not totally replaced with technology as certain individuals are more oriented towards the warmth associated with the human interface and the tangibles associated with face-face interactions.

According to Mr. Kofi Mensah the bank has developed a 5 year strategic plan as it positions itself to break new grounds. Key strategies in that regard include a comprehensive Corporate Responsibility Strategy geared towards poverty alleviation amongst women, children and the under-privileged. The hallmark of the CSR strategy will be the holistic transformation of the lives of the target audience and not ad hoc one-off financial support. He further stated that Savings & Loans companies serve peculiar needs in the financial services industry and as such First Capital Plus has developed strategies to ensure that it does not abandon that segment even after attaining the status of a full Universal bank.