Republic Bank Ghana Group has gained ground in their income as the institution has improved much better than anticipated outcomes for 2019 with profit after tax bouncing by 180.6 percent to GH¢ 79.1 million. This implies, the Bank has jumped from 2019’s figure of GH¢ 28.2 million.
This budgetary performance has exhibited a sound improvement over a year ago’s performance in the midst of a difficult financial condition. Interestingly, in spite of the performance, the bank didn’t pronounce any dividends, despite the fact that the bank knew about the significance of dividends. Meanwhile, The Republic Bank had expanded profitability and shareholders value.
Lamentably, the increase in profit was insufficient to diminish the charge balance in the income balance in the income surplus account, hence the Bank can’t pay dividends this year.
Regardless of the provision in the Companies Act limiting the payment of dividends, the Group is diagramming the correct way and the board and the executives of the bank are centered around conveying esteemed outcomes to its valued stakeholders. With respect to the Bank’s asset base, it’s complete resources additionally expanded from GH¢2.88 billion of every 2018 to GHC 3.34 billion of every 2019 speaking to an increment of 16.2 percent.
However, a decrease of the non-performing Loans (NPL) portfolio stayed critical to the financial business, yet progress has been made by theindustryd to improve the NPL proportion. In the interim, the NPL proportion has improved from 20.79 percent in 2018 to 18.16 percent in 2019.
Customer deposits have additionally seen a sound year-on-year growth of 22.2 percent which was an improvement over the 17.3 percent growth experienced in 2018. The bank’s deposit mobilisation endeavors additionally stayed solid and added to a year-on-year growth in customer deposits by 16.4 percent from GH¢2.16 billion of every 2018 to GH¢2.52 billion of every 2019.
Initiatives that were instrumental in the deposit execution results include the ‘One Campaign Reloaded’ that was propelled to drive the reactivation of lethargic accounts and to build mindfulness and perceivability of the bank; just as deposit scheme partnership with key organizations that have demonstrated resoundingly fruitful.
2020 would see the bank reengineer its procedures and activities to meet the rising needs of the market. The bank has additionally acquainted various intercessions to help customers and ease the effect of COVID-19 on their tasks. These intercessions includes a six-month ban for all credit reimbursement up to two percent decrease in loaning rates, a quarter of a year programmed waiver on abundance and late expenses and a waiver of interbank or cross wallet move chargers.
Other mediations including debt rebuilding and transitory increments in overdraft were offered to customers following the fitting needs evaluation.
Republic Bank (Ghana) Group was 14.0 percent above its year-end profit target and keeps on showing improvement in key territories, for example, operational productivity and resource quality.
