The Management of BEIGE Capital has met to review the bank’s mid-year performance. The mid-year review, which happened at BEIGE Academy in Accra, took stock of the bank’s current performance with reference to the Strategic Operational Plan (SOP) for 2015.
BEIGE Capital’s SOP 2015 set targets, which sought to maintain and consolidate its leadership position among the Tier II Category of banks in Ghana. The bank was able to achieve averagely 85% of its mid-year targets for all key performance indicators. Deposits increased by 28% from 2014 year-end position of GHc413m. Borrowings also increased by 55% from the December 2014 figure of GHc24m. Total Assets increased by 28%. Total Assets position at GHc695m represented 27% of the industry total. Loans and Advances increased by 12%. Cash and Bank balances stood at GHc47m an increase of 64% from the December 2014 position. Shareholders’ Funds stood at GHc132m representing 35% of the industry.
Although the bank achieved a significant increase in its Demand Deposits Book, the results at the end of the period was below expectation. The CEO, Mike Nyinaku said “we have successfully created a platform that will enable us to consolidate our leadership in the industry and hopefully transition into universal banking, if need be. Our key challenge now is our inability to offer certain basic banking services in spite of our size and capacity, due to regulatory limitations within the Banking Act for Savings and Loans companies. Considering that our current stated capital falls just a shade short of the Central Bank’s minimum capital requirements for Universal Banks, we’re actively seeking equity partnership from interested investors as we consider moving up the Tier. In so doing, we have also not ruled out the possibility of listing on the Stock Exchange.”
Mr. Nyinaku congratulated management and staff but cautioned management not to be complacent. He said, “the bank cannot afford to be complacent at the No.1 position”. He added that, “this is the time to put in our maximum effort to drive business and improve profitability for our Shareholders. In times as challenging as now, it’s prudent that we invest only in quality assets”.
Mr. Nyinaku also predicted that the third quarter would be challenging for the industry in general, because of the dollar-cedi instability facing industry and the difficult economic conditions facing industry at large.
During the review, the various branches of BEIGE Capital did presentations of their individual positions with respect to the overall performance of the bank. The top five (5) performing branches were honored by management.
Since inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. BEIGE Capital has business offices in several parts of the country and employs about 700 people.
