Aug 2015 Financial News

$898M profit for Republic Bank Group

Aug 14, 2015

The Republic Bank Group has recorded an increase of $28.7 million in profit for the third quarter ended June 30, 2015 .

In a release, the Bank stated it had recorded a net profit, attributable to shareholders, of $897.8 million, which represented a 3.3 percent increase compared to same period last year .

The Bank’s total assets stands at $62.3 billion, an increase of $2.8 billion (4.8%) of which HFC Bank (Ghana) Limited contributed $1.9 billion .

Republic Bank’s Chairman, Ronald Harford, in announcing the Group’s results said, “Profitability for the period benefitted from recovery of $123.4 million after tax on a non-performing facility. This was offset by one-off charges of $99.9 million representing loan impairment expenses of $43.2 million (net of minority interest) recorded by HFC Bank (Ghana) to bring its loan provisions in line with the group’s policy and impairment expenses of $56.7 million for loans and goodwill at Republic Bank (Cayman) Limited.” In May, Republic Bank increased its shareholding in HFC Bank (Ghana) Limited to 57.11 percent following the mandatory takeover bid. On July 31, the Bank also acquired a 100 percent shareholding in RBC Royal Bank (Suriname) which was renamed Republic Bank (Suriname) .

Harford noted that the acquisition added a further $3.3 billion to the Bank’s asset base .

“These acquisitions increased our geographic footprint in line with the group’s strategic plan. We are very pleased to welcome the staff of HFC Bank (Ghana) Limited and Republic Bank (Suriname) NV to the Republic Bank family,” he said .

Harford expressed his appreciation to the management, staff and customers of the Republic Bank Group, for their support and dedication and looks forward to the Group’s continued satisfactory performance.

Source:
Newsday
Friday August 14, 2015

http://www.newsday.co.tt/business/0,215603.html