May 2015 Financial News

Half-year profits at $572.7m for Republic Bank

May 01, 2015

The Republic Bank Group has recorded a profit attributable to shareholders of $572.7 million for the half-year ended March 31, an increase of 2.1 per cent over the corresponding period last year. Total assets stood at $59.7 billion at March 31, an increase of 1.8 per cent from March 2014. 

Republic Bank’s chairman Ronald F deC Harford, in announcing the group’s results said, despite subdued economic conditions, net interest income grew by $42.7 million (3.8 per cent), which was driven by growth in the loan portfolio of $1.3 billion. 

“We have also benefited from a reduction in loan impairment expense by 56 per cent when compared with the previous year,” Harford said. 

He was also pleased to announce that the group was successful in resolving all legal hurdles in Ghana. 

“The mandatory offer to all the shareholders of HFC Bank (Ghana) Limited has been made and we have every confidence of gaining majority control in the next few weeks,” he said. 

On April 1, a share purchase agreement was executed to acquire RBC Royal Bank (Suriname) NV at a cost of US$39.8 million. 

This transaction is subject to regulatory approvals and is expected to close on June 30. 

This acquisition will add further US$525 million to the group’s asset base. 

The board of directors has declared a half-year dividend of $1.25 (2014:$1.25) per share, payable on May 28. 

Harford expressed his ongoing appreciation for the continued support of management, staff and customers of the Republic Bank Group.

Source:
Trinidad Guardian
Friday May 1, 2015

http://www.guardian.co.tt/business/2015-05-01/half-year-profits-5727m-republic-bank