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Major profits for Republic Financial Holdings

Major profits for Republic Financial Holdings
Republic Bank, Broad Street (FILE)

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PORT OF SPAIN – The Trinidad-based Republic Financial Holdings Ltd (RFHL) says it has recorded a profit of TT$1.036 billion (One TT dollar=US$0.16 cents)  for the nine-month period ending June 30, 2021 despite the challenges posed by the coronavirus (COVID-19) pandemic.

The RHFL, which has operations in several Caribbean islands as well as Ghana, acknowledged that operating in the pandemic was challenging but that its positive results were helped by its operations in other territories and equity shareholders.

“Against this backdrop, RFHL recorded profit attributable to its equity holders of TT$1.036 billion for the nine months ended June 30, 2021. This represents an increase of TT261.6 million or 33.8 per cent over the TT$774.3 million reported in the corresponding period of the last financial year,” said the RHFL chairman, Vincent Pereira.

“The improved results reflect the impact of the group’s acquisition of the British Virgin Islands operations in June 2020, lower provisions for loan losses and general improvement in operating profitability in Ghana and Cayman National Corporation.”

Pereira said that these positive developments were partially offset by a reduction in net interest margins, fees and commission income across the group.

“Lower interest rates, fees and commissions reflect the group’s decision to maintain many of the concessions granted to our customers at the inception of the pandemic.”

The RFHL said that its total assets for the period were TT$108.3 billion, an increase of TT$2.9 billion or 2.8 per cent over the total assets at June 2020, which also represented a 3.7 per cent growth in loans and advances, and a 9.9 per cent growth in investments funded by the growth in customer deposits across most subsidiaries.

“The uncertainty of the covid19 pandemic continues to impact the economies in which the RFHL group operate. Vaccination programmes commenced in many countries, but re-openings and recovery of tourist arrivals remained gradual and at times interrupted by rising covid19 cases.

“The group continues to support its customers, communities and staff, through concessions on loan payments, interest rates and fees, increased business support, donations of medical and educational supplies and the rollout of a staff vaccination programme,” Pereira said, adding that the RHFL is well positioned to continue supporting the recovery efforts of the economies in which it operated and was committed to assisting with the vaccination drives.

“With collective creativity and hard work, I am confident our economies can emerge more resilient,” he said. (CMC)