Republic Bank posts impressive performance

Republic Bank (Ghana) PLC, a leading financial institution in Ghana and a subsidiary of Republic Financial Holdings Limited (RFHL), held its 33^rd Annual General Meeting at the Accra City Hotel in Accra on 19^th September 2024.

The meeting received and adopted the Annual Report and Audited Financial Statements of the Bank (and its Subsidiaries) for the year ended 31^st December 2024, elected some Directors of the Bank by rotation and appointed new auditors for the Bank.

In his report, Mr. Benjamin Dzoboku, Managing Director for Republic Bank (Ghana) PLC, stated that not only was the Bank profitable in the year under review, but it also incorporated an Environmental, Social and Governance (ESG) toolkit as part of its ESG Credit Risk assessment process in line with the United Nations Sustainable Development Goals (SDGs).

Additionally, the Bank had completed the certification processes for the ISO27001:2022, ISO22301:2019 and PCI DSS standards in conformity with the Bank of Ghana Cyber Security Directive, 2018. This, according to the Managing Director, would enhance governance, embedded with security and business continuity in the Bank’s operations to consolidate customer confidence.

Other achievements worthy of note from the Managing Director’s report were the Launch of the Customer Service Strategy, the setting up of the Credit Card services as a feature on the RepublicMobile App, the Launch of the Republic Bank Pensions Backed Mortgage for Republic Boafo Customers, and the implementation of the sub-class investment schemes for the Republic Investment’s Managed Funds.

Speaking on the income statement of the Bank, Mr. Dzoboku said, “Despite the fallouts of the Domestic Debt Exchange Program (DDEP) coupled with global and domestic economic challenges, the group closed the year 2023 with a strong financial performance by recording a total comprehensive income of GH?145.03 million.

This represents a significant increase of 739% over the previous year’s loss of GH? 22.70 million.”

He attributed this positive outcome to a 41.90% improvement in net interest income and a 72.64% decline in impairment losses on financial assets. Total assets grew from GH? 5.11bn to GH? 6.99bn, representing 36.78% over the year. The growth was on the back of an increase in the total deposit of GH?1.9bn.

Further, the Managing Director assured the shareholders that the Bank will continue to focus on unique opportunities in the areas of customer relations, digitization, and revenue diversification to create value for all stakeholders in the coming years.

Mr. David Addo-Ashong, Ag. Board Chairman of Republic Bank (Ghana) PLC provided some global and domestic perspectives in his commentary, throwing light on the tightening monetary policy of Central Banks globally.

Present at the meeting were the Directors of the Board, namely, Mr. Nigel Baptiste, President and CEO of Republic Financial Holdings Limited (RFHL), Mr. Vic Salickram Parasram, Vice-President (RFHL) and Mr. Arimeyaw Ibn Saeed, Prof. Mrs. Vera Ogeh Lassey Fiador, Mr. Jonathan Prince Cann and Mr. Joseph Yaw Asumang.

Also present were the Executive Management Team of the Bank, Mr. Frederick Nyan Dennis, the Auditor, KPMG and Mrs. Joyce Boakye from the Ghana Stock Exchange.

The post Republic Bank posts impressive performance appeared first on The Business & Financial Times.

Read Full Story