Republic Bank (Ghana) PLC has reassured its shareholders that dividend payments will resume by the 2026 Annual General Meeting (AGM).
This assurance was delivered by the bank’s Managing Director, Benjamin Dzoboku, during the 2023 AGM, where he emphasized the bank’s strengthened financial position.
Dzoboku stated that the bank has successfully tackled the key issues preventing dividend payouts since 2015.
“We are very liquid, and I can assure you that our bank is very solid,” he remarked, underscoring the bank’s improved liquidity and stability.
2023 financial turnaround
Republic Bank Ghana posted a remarkable recovery in the 2023 financial year, recording a total comprehensive income of GH¢145.03 million, a sharp contrast to the GH¢22.7 million loss in 2022.
This turnaround was largely driven by a 41.9% rise in net interest income and a significant 72.64% reduction in impairment losses on financial assets.
Interest income surged to GH¢975.43 million from GH¢625.16 million in 2022.
The bank’s total assets also grew, reaching GH¢6.99 billion by the close of the year.
Dzoboku attributed this positive performance to operational efficiency, strong financial management, and the institution’s dedication to profitability.
Outlook for future growth
Looking forward, Republic Bank is set on maintaining its financial momentum.
The bank plans to expand its mortgage services and advance its digital transformation agenda.
Management has set an ambitious goal of tripling profits by 2028, with continued focus on enhancing shareholder value.
Despite the impressive results, Ag. Chairman David Addo-Ashong noted that the 2023 profit was not sufficient to offset losses from the Domestic Debt Exchange Program (DDEP), preventing the bank from recommending dividend payments for the 2023 financial year.
However, with the underlying challenges resolved, shareholders can expect dividends by 2026.
