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Prudential Bank pays first dividend in 8 years

BY: Timothy Gobah
Muriel Susan Edusei - Board Chair of Prudential Bank
Muriel Susan Edusei - Board Chair of Prudential Bank

For the first time in eight years, Prudential Bank has paid dividends to its shareholders.

With the approval of the Bank of Ghana, 0.01698 per share was paid to the shareholders.

The Chairperson of the Board, Mrs Muriel Susan Edusei, thanked her colleague board members, management and staff for their hard work, saying it was their output that made it possible for the bank to deliver the impressive operational results of 2021.

Mrs Edusei thanked shareholders for their support, and assured them of the bank’s commitment to continue to pay regular dividends to them. .

She said leveraging the investment made in the bank in 2019 by Ghana Amalgamated Trust PLC (GAT), the bank embarked on a transformation agenda in the year 2020 to grow its business and to enhance its profitability.

This refocused approach, she said, was yielding results, and had positively contributed to the remarkable financial results of 2021, which enabled the bank to make dividend payments after such a long period.

The bank, meanwhile, continues to improve its financial performance in 2022, building on its 2021 momentum.

It has recorded a net profit after tax of GH¢61.08 million as of the second quarter of 2022 in comparison with a net profit after tax of GH¢37.68 million as of the second quarter of 2021, marking a 62.1 per cent increase.

This translates into an estimated net profit margin for the second quarter of 2022 of 23.2 per cent as against 16.8 per cent recorded in 2021 second quarter.

The Chairperson of the Board concluded by reaffirming the commitment of the board, management and staff to work assiduously to guarantee future returns to all stakeholders.

The Managing Director of the bank, John Addo, assured customers of the bank’s commitment to continue to provide excellent customer service.