REPUBLIC BANK (GHANA) : HOLDS 32ND ANNUAL GENERAL MEETING

Monday, 24th July 2023 - Republic Bank (Ghana) PLC, one of the leading financial institutions in Ghana and a subsidiary of Republic Financial Holdings Limited (RFHL) has held its 32nd Annual General Meeting (AGM), in a hybrid format of both virtual and in-person at the Accra City Hotel, Accra. The meeting was held to receive and adopt the Annual Report and Audited Financial statements of the company (and its subsidiaries) for the year ended 31st December, 2023, to re-elect some Directors of the Bank and to ratify the appointment of Mr. Benjamin Dzoboku, the Managing Director.

In his report, Mr. Benjamin Dzoboku stated that, the government's Domestic Debt Exchange Program, the mark-to-market losses on investment and higher provision for impairment on financial assets resulted in a total comprehensive loss to the Bank contrary to the profit position gained in 2021.

'Nonetheless, we saw significant growth in year-on-year improvement on several income lines such as Net Interest Income and Non-Interest income which grew by 29.57% and 28.86.% respectively. The increase in Net Income reflects a robust growth, particularly in trading.' He said.
Republic Bank witnessed a 20.09% growth in assets primarily due to loan and advances funded by deposit growth. Mortgage loans formed the biggest contributor in the loan portfolio with a year-on-year growth of 35.99%. Reiterating the fact, that Republic Bank is maintaining its position as the pacesetter and preferred mortgage provider in Ghana.
On the issue of dividends, the Managing Director assured shareholders that dividend payouts will be made in 2025 by which time the Bank of Ghana embargo on dividend payments would have been lifted.

Mr. Paul King Aryene, Acting Board Chairman of Republic Bank (Ghana) PLC, informed shareholders of the Bank's commitment towards Sustainable Banking Principles (SBP) in accordance with the regulator's reporting requirement. 'Overall, our Bank has made notable progress in meeting the SBPs including incorporating Environmental and Social Management systems in our credit delivery process, enhancing good Corporate Governance and ethical standards through diverse Board Sub Committees and promoting Gender Equality and Diversity through equal opportunity for all stakeholders.' He added.
Both the Managing Director and Acting Board Chairman of the Bank expressed their gratitude to Shareholders, the Bank's cherished Customers, Directors, Management and Staff for their support in the year under review and requested their unwavering support in the years ahead. 'Our success is dependent on the success of our clients, the strength of our communities and the well-being of our employees.' Mr. Aryene concluded.