BEIGE Capital Savings and Loans Ltd (BCSL) has recorded an impressive growth in its half year results, as the company continues to consolidate its market leadership in the Tier 2 category of banks in Ghana.

The Chief Executive Officer, Mike Nyinaku, said: “we are beginning to experience relative stability in the pattern of our growth and performance and are thus more confident about the prospects for the future.”

BEIGE Capital recorded an interest income of GHc136m, as of the end of June, compared to the GHc72.97m recorded last year for the same period. This shows an increase of 86.55% over last year’s performance.

This was driven by an increased lending in key customer segments as well as continued emphasis on the creation of quality and liquid risk assets.

During the year, BCSL commenced an active introduction of government securities as a component of the mix of assets it would invest in. This was to ensure that the risk portfolio of the institution is evenly balanced in favour of improved liquidity.

Total operating costs for the period amounted to GHc25.75m and personnel cost accounted for about 34.40% of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 25.00% of operating expense for the period. Year to date Profit Before Tax (PBT) was GHc11.5m.

This represents a significant increase of 202% when compared to the figure recorded for the same period in 2015.

Total Assets went up from the 2015 position of GHc818m to GHc1,066m, an increase of 30.9%. As part of the growth, the company’s loans and advances to customers grew by 45.50% from comparative June 2015 position of GHc329m to GHc478.8m.

At the end of June, 2016, BCSL’s deposit portfolio stood at GHc842.6m, an increase of 36% of the December 2015 position. Against comparative figures for June 2015, the institution’s deposits portfolio grew by 62%.

The period ended with a Net Asset position of GHc145.1m. The increase recorded in assets was influenced largely by the growth recorded in the Bank’s deposit book.

Owing to the consistency in BCSL’s performance year on year, the institution has gained reputation as a safe place for deposits and investments. This has translated into increased patronage of the institution’s products.

Mr. Nyinaku was confident about ending the year in a better position than projected at the beginning of the year.

“The year 2016 being an election year, with its usual uncertainties, is also recovering from a tough 2015 that was bedeviled with power crises, high interest rates and fast declining exchange rates.

Notwithstanding these challenges, our focus remains on increasing our footprints in the industry at our level.