Half year profit of Republic Bank up by 75%; Assets cross GH¢3b mark

Republic Bank Ghana Group,has recorded a half year profit of GH¢39.319 million.

The amount represents a year-on-year increase of 75 per cent.

A release issued by the company in Accra yesterday said the bank’s asset level had also increased by 44 per cent to GH¢3.03 billion.

According to the release, the Managing Director of the bank, Mr Farid Antar, attributed the 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”.

It said although the banking sector experienced some degree of uncertainty last year due to the banking sector reforms, the 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,” Mr Antar said in the release.

The release said the bank’s half year results also showed an increase of its loan book by 29 per cent to GH¢1.278 billion while its deposit basket also went up by 33 per cent to GH¢2.271 billion.

It said: “In 2017, the bank introduced seasonal loan campaigns such as the Christmas loan sale, Easter loan sale and Back to School loan sale.”

Upgrade

On the digital front, the release said the bank also improved on its digital banking offerings with the introduction of its USSD Banking Service and other significant improvements in the area of Information Technology (IT). The bank has also upgraded many of its branches.

“The Corporate Banking division, Republic Investments and Republic Boafo have also been enhanced to deliver exceptional services,” it said.

Partnership

The release said, “Republic Bank also partnered with two telecommunication companies 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 in the release.

Expectations

It expressed confidence that the bank would 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. The Republic Bank will achieve a tier one status in no time and grow beyond Ghana into the broader Sub-Saharan Africa region,” it added.