Republic Bank Pledges Dividend Payout in 2026; Aims to Triple Profits by 2028
Republic Bank Ghana has pledged to resume dividend payments by 2026, following a marked improvement in its financial performance for 2023.
Managing Director of the bank, Benjamin Dzoboku, made the assurance at the bank’s 2023 Annual General Meeting, citing a strengthened balance sheet and enhanced liquidity.
Mr Dzoboku confirmed that the key issues that had prevented dividend payouts since 2015 had been resolved, stating, “We are very liquid, and I can assure you that our bank is very solid.”
The bank recorded a comprehensive income of GHS 145.03 million in 2023, a significant turnaround from the GHS 22.7 million loss recorded the previous year.
This recovery was driven by a 41.9% rise in net interest income and a 72.64% reduction in impairment losses.
Interest income surged to GHS 975 million from GHS 625 million in 2022, while total assets grew to GHS 6.99 billion.
Mr Dzoboku attributed the improved performance to enhanced operational efficiency, rigorous financial management, and a focus on profitability.
Looking ahead, Republic Bank plans to expand its mortgage portfolio and advance its digital transformation initiatives, with management targeting a tripling of profits by 2028.
However, despite the strong 2023 results, Acting Chairman David Addo-Ashong cautioned that the 2024 profit would not be sufficient to fully offset losses from the domestic debt exchange programme, precluding a dividend recommendation for the 2023 financial year.
Nevertheless, Mr Addo-Ashong reassured shareholders that the bank’s financial position would support the resumption of dividends by 2026.
