RBTT'S DIRECTORS ARE still to decide whether or not to recommend to shareholders a merger/partnership with another financial institution which continues to court the bank.

Chairman of RBTT, Peter July made this disclosure in the chairman's report to shareholders in RBTT Financial Holdings Limited's most recently published consolidated financial highlights of the financial year ending March 31.

July acknowledged the ongoing speculation about RBTT Group's future, which forced it to issue public statements in November last year and on April 15, 2007, in the interest of transparency and market stability.

There has been widespread speculation of a possible merger/acquisition of RBTT by CIBC through FirstCaribbean International.

"I reiterate that we continue to assess and to have discussions on a proposal received for a combination/partnership with another major financial institution. We have not at this time made any decision as to whether or not we will recommend it to our shareholders," July noted.

Speaking to the financial performance of the institution, the chairman said the group recorded pre-tax earnings of US$192.3 million which represented a six per cent increase over the previous year's of US$182.0 million.

"While there was good balance-sheet improvement as reflected by asset growth of 16 per cent, a 14 per cent increase
in loans and a 19 per cent increase in deposits, there was only a marginal increase in net income primarily due to a contraction of the interest spread," the chairman pointed out.

July reported that RBTT's retail and commercial units performed well, investment banking slowed, while earnings from trust and asset management units fell by 30 per cent. (GE)