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HFC BANK BOUNCES BACK …After Two Years of Huge Losses

Published in News Tuesday, 01 August 2017 11:59

After making significant losses two consecutive years, HFC bank Ghana limited says it is back onto the path of profitability.

Authorities at the bank informed the Bank is now having one the highest cover ratio that isprovisiontonon – performing loans of 65% which provides the Bank with protection against future shocks going forward.

 

Briefing the media, after declaring their results, at HFC Bank Headquarters in Accra, the Managing Director of HFC Bank, 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 admitted that, the work was far from over, it was also clearly obvious that the Bank was now in a better position than 2 years ago when Republic Financial Holdings Limited took over control,’ he said.

According to Mr. Le Hunte, during the two year period, to improve service delivery to their customers, over 30 million US Dollars was spent on upgrading the Information Technology infrastructure and refurbishment of the branch network. In addition, investment was made in training and developing of the Staff with the assistance of RFHL.

Mr. Robert Le Hunte, in his address explained 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,’ he added.                    

He claimed 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.

The MD reported that in spite of the two consecutive years of losses, the bank was still able to remain active in the communities and enhanced the Corporative Social Responsibility (CSR)

Meanwhile, Mr. Le Hunte disclosed that at the bank’s recently concluded board meeting, approval was given by the board to approach shareholders of the bank to consider the possibility of increasing the bank’s capital by an amount of $50 million.

HFC Bank became a member of the Republic Financial Holding Limited in May, 2015 after a successfully mandatory takeover.

The Bank was recognized for this investment at the prestigious Diaspora African Forum Excellence Awards Dinner in July this year. In addition, the Bank was recognized by the institute of Human Resource Management Program.

The HFC Bank was also adjudged the most Telephone Efficient Bank in the Financial Institution survey conducted by Walsbridge Market Research. At the 16th Ghana Banking Awards 2017, HFC Bank received the 2nd Runner – up Award in Corporate Social Responsibility and 1st Runner – up in trade finance.

 

HFC Bank Ghana is now a subsidiary of the Republic Financial Holdings Limited, one of the largest and most successful independent commercial banks in the English speaking Caribbean with over 180 years of banking experience. 

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