Republic Bank Ghana for the period between Q1 2020 and Q1 2021, grew its total assets value by 11.2 percent.
In monetary terms, this translates into some Ghs 427 million added to the bank’s previous total assets value of Ghs 3.3 billion.
Total assets value recorded at end-March 2021 according to the bank’s Q1 2021 unaudited Financial Statement was Ghs 3.8 billion.
Despite declines in the bank’s cash and cash equivalents and non-pledged trading assets, asset growth was driven by a surge in the bank’s investment securities holdings.
The bank’s investment securities on a year-on-year basis increased by 37.5 percentage points from Ghs 734 million in Q1 2020 to Ghs 1.1 billion in Q1 2021.
The increase in the bank’s investment securities holdings can be attributed to the need for the bank to avoid credit risk in the heat of the pandemic last year and in the first 3 months of this year.
Total liabilities mainly driven by deposits from customers – Ghs 2.9 billion – amounted to Ghs 3.1 billion at the end of the first quarter of this year.
The reported total liabilities of Ghs 3.17 billion for Q1 2021, represents an increase of Ghs 370 when compared to the Ghs 2.80 billion total liabilities recorded for Q1 2020 – which was also mainly driven by a total deposit of Ghs 2.4 billion.
Profit made for Q1 2021, as contained in the bank’s unaudited financial statement, stood at Ghs 23 million, an increase of Ghs 5 million when compared to the Ghs 18 million made same period last year.
Growth in the bank’s profit for Q1 2021, was on the account of an expansion in Republic Bank’s net interest and operating incomes.
Net interest and operating income increased to Ghs 68 million and Ghs 90 million in Q1 2021 respectively.
Republic Bank’s Non-Performing Loans (NPLs) as a ratio of gross loans at end-Q1 2021 stood at 18.39 percent from 17.08 percent in Q1 2020, recording minimal retrogression in the bank’s loan asset quality.
The bank’s Capital Adequacy Ratio (CAR) of 25.72 still remains above the regulatory 13 percent CAR requirement by the Bank of Ghana (BoG).
