Ghana: Republic Bank reports outstanding performance

Republic Bank (Ghana) PLC, a prominent financial institution and a subsidiary of Republic Financial Holdings Limited (RFHL), has successfully hosted its 33rd Annual General Meeting on September 19, 2024, at the Accra City Hotel. The meeting featured the presentation and adoption of the Bank’s Annual Report and Audited Financial Statements for the year ending December 31, 2024. Additionally, Directors were elected by rotation, and new auditors were appointed for the Bank.

In his report, Mr. Benjamin Dzoboku, Managing Director of Republic Bank (Ghana) PLC, highlighted that the Bank not only achieved profitability during the review period but also integrated an Environmental, Social, and Governance (ESG) toolkit into its ESG Credit Risk assessment process, aligning with the United Nations Sustainable Development Goals (SDGs).

Mr. Dzoboku noted that the Bank successfully completed the certification processes for ISO27001:2022, ISO22301:2019, and PCI DSS standards, complying with the Bank of Ghana Cyber Security Directive of 2018. He emphasized that these achievements would strengthen governance, security, and business continuity in the Bank’s operations, thereby reinforcing customer confidence.

Among the key accomplishments highlighted in the Managing Director’s report were the launch of the Customer Service Strategy, the introduction of Credit Card services on the RepublicMobile App, the rollout of the Republic Bank Pensions Backed Mortgage for Republic Boafo Customers, and the implementation of sub-class investment schemes for Republic Investment’s Managed Funds.

Regarding the Bank’s income statement, Mr. Dzoboku stated, “Despite the challenges posed by the Domestic Debt Exchange Program (DDEP) and the broader economic environment, the group concluded the year 2023 with robust financial results, achieving a total comprehensive income of GHȼ145.03 million. This marks a remarkable increase of 739% compared to the previous year’s loss of GHȼ22.70 million.”

He attributed this positive performance to a 41.90% rise in net interest income and a significant 72.64% reduction in impairment losses on financial assets. The Bank’s total assets grew from GHȼ5.11 billion to GHȼ6.99 billion, reflecting a 36.78% increase over the year, driven by a rise in total deposits amounting to GHȼ1.9 billion.

Looking ahead, the Managing Director assured shareholders that the Bank would maintain its focus on unique opportunities in 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, offered insights from both global and domestic perspectives, discussing the tightening monetary policies of central banks worldwide.

The meeting was attended by the Board of Directors, including Mr. Nigel Baptiste, President and CEO of Republic Financial Holdings Limited (RFHL), Mr. Vic Salickram Parasram, Vice-President (RFHL), as well as Prof. Mrs. Vera Ogeh Lassey Fiador, Mr. Jonathan Prince Cann, and Mr. Joseph Yaw Asumang. The Executive Management Team of the Bank was also present, along with Mr. Frederick Nyan Dennis, the Auditor from KPMG, and Mrs. Joyce Boakye from the Ghana Stock Exchange.