Republic Bank Ghana PLC has posted impressive financial results for the year 2024, recording a total profit before tax of GH¢295.8 million, up from GH¢231.5 million in 2023.
This growth was primarily driven by higher net interest income and a decline in impairment losses on financial assets, underscoring the bank’s improving operational efficiency.
Profit after tax in 2024 stood at GH¢187.7 million, compared to GH¢130.4 million in 2023.
This strong performance was announced by the Bank’s Managing Director, Dr. Benjamin Dzoboku, during the Bank’s 34th Annual General Meeting (AGM).
The meeting reviewed and adopted the Bank’s Annual Report and Audited Financial Statements (including those of its subsidiaries) for the year ended December 31, 2024, among other agenda items.
Total comprehensive income for the year was GH¢210.68 million, representing a 45% year-on-year increase.
Growth in core income and loan recovery
The Bank posted strong gains in interest income, which rose by 23.26% to GH¢1.2 billion, supported by a deliberate expansion in its loan book and an improved interest-bearing asset base.
Net interest income grew by 16.61%, while impairment losses dropped by over 52%, reflecting improved credit quality and stronger loan recovery efforts.
Despite rising operating costs, particularly from digital infrastructure investments, the Bank maintained a healthy cost-to-income ratio of 58.71%, reaffirming its commitment to operational efficiency while accelerating digital transformation.
Strengthened balance sheet and market confidence
Republic Bank’s total assets grew by 37% to GH¢9.6 billion, and customer deposits rose sharply to GH¢7.78 billion, up from GH¢6.9 billion in 2023.
The loan portfolio also expanded significantly, with corporate and commercial loans increasing by 34%, reflecting growing confidence in key sectors of the economy.
The Bank’s share price rose from GH¢0.48 to GH¢0.66 by the end of 2024 — a strong indication of investor confidence and market optimism.
Despite this momentum, the Bank’s income surplus position, though improved from a deficit of GH¢143 million to GH¢21 million, was not sufficient to allow dividend payments.
The Board emphasized that the decision aligned with a prudent capital management strategy.
Despite the solid financial showing, the Bank did not pay dividends to its shareholders.
Dr. Dzoboku explained that negative retained earnings prevented the Bank from declaring dividends this year.
He was, however, optimistic that the Bank would pay dividends in 2025, projecting retained earnings to exceed GH¢200 million next year.
He credited the Bank’s success to the strength of his team and the disciplined implementation of the Bank’s five-year strategy.
Comprehensive Income and Strategic Progress
Dr. Dzoboku described the results as a clear demonstration of the Bank’s strategic resilience, operational excellence, and renewed growth momentum.
“We entered the first year of our five-year strategic plan, Republic Verse, with the intent to triple profits, transform the customer experience, and position ourselves as a financial lighthouse for the Republic Group. These results reflect the disciplined execution of that strategy,” he said.
Customer-centric and digitally ready
In 2024, Republic Bank Ghana PLC made significant strides in customer satisfaction and digital capability.
The Bank earned 5-Star ratings in both Consumer and Business Banking in the Chartered Institute of Marketing Ghana’s (CIMG) 2023 Customer Satisfaction Index and was adjudged Trade Finance Bank of the Year by the Chartered Institute of Credit Management (CICM).
The Bank also accelerated its digital transformation drive, launching platform enhancements to deliver seamless and secure customer experiences.
“We are not just growing; we are growing with purpose. Our focus is on people, partnerships, and platforms. Whether it’s SMEs, mortgage seekers, or everyday retail customers, our goal is to be more accessible, more responsive, and more empowering,” Dr. Dzoboku added.
“While we are encouraged by the strong recovery and profit growth, our priority is to rebuild capital buffers to sustain long-term value. We are confident that this approach is in the best interest of our shareholders and the broader economy,” Dr. Dzoboku explained.
A purpose-driven outlook for 2025 and beyond
Looking ahead, Republic Bank is charting a course rooted in innovation, social impact, and inclusive growth.
Under the Republic Verse strategy, the Bank aims to expand beyond core banking into pensions, wealth management, and ESG-aligned financing.
Key initiatives for 2025 include targeted mortgage campaigns, SME support clinics, youth entrepreneurship partnerships and expanded financial literacy and digital inclusion initiatives.
“We are on a journey to become the financial institution of choice — not just in performance, but in purpose. Our 2025 outlook is optimistic, and our long-term ambition is clear: to build a stronger, more inclusive financial ecosystem for Ghana and beyond,” Dr. Dzoboku said.
Republic Bank continues to play a pivotal role in financial sector transformation in Ghana and within the wider African markets it supports.
