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28 July 2017

HFC Bank records after-tax profit of GH¢22.75m in Q1

The Chief Executive Officer of HFC Bank, Robert Le Hunt has announced that after 2 years of losses and GH¢150 million in provision, HFC Bank  returned to profitability producing the best first half year results in the history of their 27 years of existence.

He said, the bank declared a profit after tax of 22.75 million cedis in the first quarter which make the Bank now boasts of having one of the highest cover ratio i.e. provision to non-performing loans of over 65% and provides the Bank with protection against future shocks going forward.

Speaking to the media after declaring their results, the Managing Director, Mr. Robert Le Hunte attributed the good results to the hard work of the Staff and the focus on recoveries over the past two years. Although admitting that the work was far from over, it was also obvious that the Bank was now in a better position than 2 years ago when Republic Financial Holdings Limited (RFHL) took over control.

“During the two year period, to improve service delivery to their customers, over US$30 million was spent on upgrading the Information Technology infrastructure and refurbishment of the branch network. In addition, investment was made in training and developing the Staff with the assistance of RFHL. With pride, Mr. Le Hunte also reported that in spite of two consecutive years of losses, the Bank was still able to remain active in their communities and actually increased their level of Corporate Social Responsibility (CSR),” Mr. Robert Le Hunte added.

According to the Managing Director, the board of the bank recently concluded a meeting, and approval was given to approach the shareholders of the Bank on two significant matters to increase the level of capital of the Bank by 50 million and secondly to change the name of the Bank to Republic Bank (Ghana) Limited in keeping with the new ownership structure.

“This new capital together with the BBB+ S&P rating of Republic Bank Limited makes the Bank one of the strongest in the industry and puts them in a better position to build on the strong foundation in the housing industry and the future prospects in the oil and gas industry,” he said.

The MD noted that his biggest achievement over the past two years was building a culture at HFC that will allow the organization to survive not only in the short term but in the long term.

 

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