Republic Bank Financial Statement Q1 2023


Group Financial Highlights

The Board of Directors of Republic Bank (Ghana) PLC and its subsidiaries (‘the Group’) is delighted to report to our esteemed customers and the general investing public 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) for the first quarter in 2023.

The Group financial results for the three months period to March 2023 reveal growth in all revenue lines, with net interest income and operating income recording growth of 53.86% and 40.80% respectively, over the comparative year’s figures.

The Group closed the first quarter with a net profit before tax of GHS79.54 million and this represents 70.16%% above the previous period’s profit of GHS 46.75 million.

At the statement of financial position level, total assets grew by 43.94% over the comparative period balance and this was propelled by a remarkable 62.28% growth in the customers’ deposits base.

The Group’s Capital Adequacy Ratio at the end of the first quarter was 19.23%, which is almost double of 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 quarter with liquid ratio of 164.00%.

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 would also like to reassure our cherished customers and the general investing public that your Bank remains safe and secure and we will continue to work tirelessly to maintain your trust and confidence and meet your obligations at all times.

We remain resolute, resilient and resourceful and will continue to serve our clients and communities with excellence to thrive in the face of adversity, for this is our Hallmark.

Leave a Reply