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HFC Bank makes profit of over GHC 26 million in first half of 2017
According to the CEO of HFC Bank Robert Le Hunte this represents an increase of 52 percent from the same period in 2016.
The Chief Executive Officer (CEO) of HFC Bank; Robert Le Hunte
According to the CEO this represents an increase of 52 percent from the same period in 2016.
He said this is because the bank has been able to cover 65 percent of its Non Performing Loans(NPL) in the first half of 2017.
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Addressing the media on Thursday (July 27, 2017) Le Hunte said the bank has returned to profitability after making a loss of 80 million dollars for two years.
“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. Additionally, the Bank now boasts of having one of the highest cover ratio i.e. provision to non-performing loans of over 65% which provides the Bank with protection against future shocks going forward.”
In his opinion, the commitment of staff and the training given them helped to improve the financial status of the bank tremendously.
He was quick to admit that even though they are making profit, the work was far from over.
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“During the two year period, 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,” he said.
Le Hunte also announced that after a board meeting, the members approved that the shareholders of the Bank vote on two significant matters.
These are to increase the level of capital of the Bank by 50 million cedis 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.
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