Republic Bank Ghana Plc records GHS 108.86 million profits in 2022
Republic Bank Ghana Plc remains resolute to employ various strategies aimed at mitigating risks in its operations.
It comes on the back of the bank recording a 20.05 percent year- on- year growth in assets from GHS 4.25 billion in 2021 to GHS 10 billion in 2022.
However, the bank also recorded a total comprehensive loss of GHS 22.69 million for the year ending 2022 as a result of the Domestic Debt Exchange Programme (DDEP) initiated by government.
This is captured in the Republic Bank Ghana Plc end of 2022 year report as presented by the Managing Director, Benjamin Dzoboku at the bank’s Annual General Meeting in Accra.
Despite this loss, the Bank recorded a significant year – on – year improvement in several income lines such as the Net Income and Non-Interest Income which grew year-on-year by 23.53% and 43.78% respectively.
Excluding the impact of the Domestic Debt Exchange Programme, Republic Bank Plc Ghana made some strides by recording a profit after tax of GHS 108.86 million in 2022 as compared to the GHS 89.87million in 2021 but the impact of the DDEP altered these figures.
Liquidity asset position of the bank grew year-on year by 24.58 percent to GHS 2.88 billion recorded as at the end of the year 2022 from the GHS 2.31billion in 2021.
Addressing the press on the sidelines of the bank’s Annual General Meeting in Accra, Managing Director of the Republic Bank Ghana Plc, Benjamin Dzoboku assured shareholders and clients of a better outlook for 2023.
“We will continue to monitor and assess the impact of the macroeconomic – related and other potential risks on our operations, while pursuing initiatives to ensure that our services remain relevant to all stakeholders in 2023,” he assured.
Source: Ghana Business
