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Republic Bank increases profit by 75%

Republic Bank Ghana Group, a subsidiary of Republic Financial Holdings Limited, has recorded a half year profit of GHS39.319 million representing a year-on-year increase of 75%.

The Bank’s assets level has also increased to GH3.03 billion representing a year-on-year increase of 44%. This is shown in the Bank’s 2019 half year financial report released last week.

The Managing Director of the Bank, Mr. Farid Antar, has attributed the impressive performance of the Bank to the acceptance of the Republic name through the rebranding exercise carried out last year and improved services of the Bank. According to the Managing Director, although the Banking Sector experienced some degree of uncertainty last year due to the Banking Sector Reform, Republic Bank, maintained and attracted increased business from new and existing customers. “Our customers have demonstrated their confidence in our new identity and the vision we set to achieve. Our staff, who are our biggest asset embraced the new challenge and lived up to expectation” of being ‘the one for you’. The Managing Director added.

Other notable accomplishments shown by the Bank’s half year results are the increase of its loan book by 29% to GHS 1.278 billion and its deposit basket by 33% to GHS 2.271 billion.

In 2017, the Bank introduced seasonal Loan Campaigns such as the Christmas Loan Sale, Easter Loan Sale and Back to School Loan Sale. The Bank, also, improved on its digital banking offerings with the introduction of its USSD Banking Service and other significant improvement in the area of Information Technology. The Bank has also upgraded many of its branches giving them new look and feel. The Corporate Banking division, Republic Investments and Republic Boafo have also been enhanced to deliver exceptional services. Republic Bank has also partnered with two Telco giants in Ghana, MTN and Vodafone, in the area of mobile money business. “These initiatives, together with improved customer services by our Staff, have accumulated in the significant improvement of the Bank’s loan, deposit and non-interest income levels”, Mr. Antar added.

The Managing Director of the Bank is very confident that the Bank will end the year on an impressive note despite concerns on the level of non-performing loans. “So far, we are on the right trajectory on our plans for the year and the strategic direction of the Bank for the next three years. Republic Bank will achieve a tier one status in no time and grow beyond Ghana into the broader Sub-Saharan Africa region”, the Managing Director the Bank added.

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