Republic Financial Holdings Ltd reports TT$432m profit

Article by Kendy

Port Of Spain – The Trinidad-based Republic Financial Holdings Ltd (RHFL) has reported an after tax profit of TT$432 million despite the first three months of its financial year being affected by the coronavirus (COVID-19) pandemic and global supply chain disruptions.

“The quarter ended December 31, 2021, the first quarter of the Group’s 2022 financial year, was marked by an upsurge in COVID-19 infections in many territories in which we serve following the emergence of the Omicron variant,” said RFHL chairman, Vincent Pereira.

“Then resulting increased uncertainty and reduced productivity due to staff absences and self-imposed lockdowns, coupled with the impact of global supply chain disruptions, dampened expectations for a robust recovery of economic activity during the quarter,” he added.

He said in light of these ongoing challenges, the Group “redoubled its efforts to work closely with its clients to mitigate the longer-term adverse effects of the pandemic, including the extension of moratoriums on loans for affected customers”.

He said against this backdrop, RFHL, which has banking operations in several Caribbean countries, recorded profit attributable to equity holders of the parent of TT$395.9 million for the quarter ended December 31, 2021, an increase of TT$4.7 million or 1.2 per cent over the corresponding period in 2020.

Total assets stood at TT$111.9 billion at December 31, 2021, an increase of TT$7.3 billion or 6.9 per cent over the total assets at December 2020.

“Despite ongoing concerns over the duration and long-term impact of the COVID-19 pandemic, we remain steadfast in supporting our clients, stakeholders and our communities, in continuing to provide a safe working environment for our staff, and in building the Group’s resilience through strategic investments in innovation and initiatives to improve efficiency.

“We do remain optimistic for the future. I would like to thank our customers, staff and other stakeholders for their continued support,” Pereira said. (CMC)