Business

Republic Bank bags GHS56.5m profit for 2020

Republic Bank Ghana has recorded a profit of GHS56.5 million in 2020.

This is lower than that of 2019, which was GHS78 million.

The bank was, however, unable to declare dividends for its shareholders for the year under review.

This is in compliance of the Bank of Ghana’s directive for all Banks and Specialised Deposit-Taking Institutions to desist from distributing dividends to shareholders for the financial years 2019 and 2020.

The Chairman of Republic Bank Ghana, Mr Charles William Zwennes said that he is optimistic of an economic rebound following the ease of COVID-19 restrictions.

“I will think that if any management considers the challenges we’ve been faced with, they merely need to be a little more prudent in their cost expenditure to start with.

“The pandemic is not over yet.

“We expect of course to see an easing of the restrictions, we expect to see globally a general trending downwards of infections and an opening of Europe, America and other major markets,” he noted.

“Once supply lines open up in full, we expect to trade increase and we expect to see our business pick up,” Mr Zwennes spoke at the Bank’s Annual General Meeting in Accra.

Mr Zweni projects that the Board, all things being equal, will be “clearing and distributing dividend next year”.

Source: Classfmonline.com

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