REPUBLIC BANK (GHANA) PLC UNAUDITED FINANCIAL STATEMENT Q1 2023

REPUBLIC BANK (GHANA) PLC UNAUDITED FINANCIAL STATEMENT Q1 2023

Monday, 17th April 2023 – Republic Bank (Ghana) Plc, Group Financial Highlights:
The Board and Management of Republic Bank (Ghana) PLC and its subsidiaries (‘the Group’) are delighted to report to you, our valued staff that, the Group has recorded impressive financial results albeit the global and local economic challenges as well as the impact of the Domestic Debt Exchange Program (DDEP). The Group financial results for the year 2022 reveal growth in all revenue lines, with net interest income and operating income recording growth of 23.53% and 29.22% respectively. The Group profit after tax but before impairment on its investment securities was GHS 106.31 million as against GHS 89.88 million last year, a growth of 18.28% over the previous year.

However, following the Government’s pronouncement and subsequent successful completion of the Domestic Debt Exchange Program earlier this year, the Group had to recognize a credit loss/impairment of GHS169.98 million because of its holdings in the Government of Ghana domestic bonds.
This credit loss negated the otherwise strong operating performance of the Group, resulting in turning the Group’s profit after tax of GHS106.31 million to net profit loss of GHS61.13 million recorded for the year.

At the Group’s balance sheet level, total deposits grew by 27.47% and this propelled over 20% growth in the assets base despite the significant provision made on the debt instruments.

The Bank’s Capital Adequacy Ratio at the end of the year was 21.35%, which is over a hundred percent above the minimum required ratio of 10%, affirming the position that, Republic Bank remains well capitalized, strong and resilient. Further to the above, the Group’s liquidity position is unquestionable as the Group closed the year with a liquid ratio of 146.70%.

Republic Bank (Ghana) PLC remains confident with the underlying Group strength, strong capital base, liquidity prowess, robust risk management framework and strategic business planning, which have made it possible to navigate the current economic environment. The Board and Management would also like to reassure you, our hardworking staff, that our Bank remains safe and secure and we will continue to work tirelessly to maintain the trust and confidence of our cherished customers and we count on you to deliver these commitments. Let us therefore remain resolute, and resilient in the discharge of our duties as we continue to serve our clients and communities with excellence to thrive in the face of adversity, for this is the Republic Bank Hallmark//End