Republic Bank posts 37.84% growth in assets

Republic Bank (Ghana) PLC Group has delivered an impressive financial performance for the 2024 financial year, posting a 30.4 per cent growth in profit before tax, from GH¢252.3 million in 2023 to a record figure of GH¢329 million in 2024.

The bank’s financial performance marks a significant growth across key financial indicators, reaffirming its position as one of the most resilient banks in Ghana.

Its total assets grew by 37.8 per cent, closing the year at GH¢9.6 billion, underpinned by strong deposit mobilisation and short-term borrowings, which grew by 34.3 per cent. 

Earnings

Earnings per share also improved significantly from GH¢0.16 in 2023 to GH¢0.24 in 2024, reflecting enhanced shareholder value.

Commenting on the bank’s outstanding performance, the Managing Director (MD), Benjamin Dzoboku, said "our 2024 performance is a testament to the resilience, dedication, and strategic focus of Republic Bank.

In a year, with mixed macroeconomic challenges, our team remained steadfast in executing our growth strategy, strengthened our balance sheet, and improved operational efficiencies.

We are proud to deliver these results to our shareholders, and most importantly, to our cherished customers, who continue to be at the heart of everything we do".

Mr Dzoboku added that the bank's focus on regaining market share, deepening customer relationships, and driving operational efficiency were yielding tangible results as evidenced by the sustained growth in customer deposits and transactions.

Despite the lingering effects of the economic headwinds that impacted the banking industry in the previous year, Republic Bank (Ghana) PLC demonstrated robust resilience, supported by an impressive capital base, with a capital adequacy ratio of 18.20 per cent at the end of December 2024, and a healthy liquidity position.

Future options

The MD of the bank said: "We remain optimistic about the future. Our renewed focus and strategic alignment, underpinned by our long-term vision to be a financial lighthouse in Ghana and beyond, place us on a strong trajectory to seize emerging opportunities".

As part of its ongoing commitment to innovation and enhanced customer experience, Republic Bank continues to invest heavily in technology-driven solutions, aimed at delivering greater convenience, speed, and value to customers.

Looking ahead to 2025, Mr Dzoboku expressed confidence that the bank would sustain its growth momentum.

He said: "2025 promises to be an exciting year, filled with new opportunities for our stakeholders. Our journey into our new five-year strategic plan, aptly named the Republic Verse, will unlock boundless possibilities as we continue to deliver tailored financial solutions, empower our communities, and maximise shareholder value".

Republic Bank (Ghana) PLC remains dedicated to being a trusted partner for individuals, businesses and institutions, driving sustainable growth and prosperity across the nation.

Credentials

Republic Bank (Ghana) PLC is a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago, and considered the largest and most profitable independent bank in the Caribbean.

Republic Bank Ghana is a major universal banking institution and diversified financial institution.