The Parent Company of HFC Bank, Republic Financial Holdings Limited (RFHL) reported a profit of $1.25 billion for the Group’s financial year ended September 30, 2017. This was highlighted in the 2017 Annual Report of the Group.
In the Chairman’s review message Mr. Ronald F. deC. Harford stated that the 2017 profit when compared with 2016 profit of $946 million showed an increase of $306 million or 32.3%. The Group’s total assets also stood at $68.9 billion at end of the 2017 showcasing an increase of $2 billion or a 3% increase over the 2016 result. According to the Chairman, the positive performance of the Group was due to the significant improvements in several overseas territories including Ghana.
HFC Bank became a member of the Republic Financial Holdings Limited in May, 2015 after a successful Mandatory Takeover. The One Hundred million US Dollar ($100 Million) investment made by the Republic Financial Holdings Limited in HFC Bank represents one of the largest investment by a Diaspora company in Ghana. Over the last three (3) years, HFC Bank, as a member of the Republic Financial Holdings Limited has made significant improvements in many areas of the Bank including improvements in its Technology infrastructure, Branch Outlook, Human Resources and Staff Developments, Brands Communications, Corporate Social Responsibility (CSR) and Non-Performing Loan Cover Ratio. After 2 years of successive losses, HFC Bank returned to profitability in 2017 making the Bank poised to fully meet the new minimum Capital requirements by the Bank of Ghana.
In the last quarter of 2017, HFC Bank had a successful right issue to raise an additional capital of GH¢50 million on the Ghana Stock Exchange (GSE) which market analyst referred to as a good omen for listed Banks on the GSE. HFC
Bank will soon be rebranded to Republic Bank (Ghana) Limited, a move to fully integrate the Bank with its Parent Company, Republic Financial Holdings Limited and to leverage on the over 180 years of banking experience. Republic Financial Holdings limited is the largest and most profitable Bank in the English-speaking Caribbean. The Bank is also rated BBB+ by Standard and Poor’s.