Apr 2017 Financial News

Republic posts $630m profit

Apr 28, 2017

REPUBLIC Financial Holdings Ltd, the parent company of Republic Bank, has recorded a profit attributable to shareholders of $630.5 million for the half-year ended March 31, 2017.

This was an increase of $44.2 million or 7.5 per cent over the corresponding period in 2016, the banking group said in a statement yesterday.

Total assets stood at $68.9 billion at March 31 this year, an increase of 1.8 per cent over March, 2016 and 3.0 per cent over September, 2016.

Group chairman Ronald Harford, in announcing the results, noted that the half-year performance was mainly driven by a reduction in loan impairment expense and taxes in the group's subsidiary in Ghana.

He added that an improvement in the performance of the Group's operations in Trinidad and Tobago also contributed to these results. “The group remains focused on improving asset quality and operational efficiency. Notwithstanding the challenging global economic environment, we expect to achieve a creditable performance for 2017,” Harford stated. The board of directors has declared a half-year dividend of $1.25 (2016:$1.25) per share payable on June 1.

Source:
Trinidad Express
Thursday April 27, 2017, 10:00 pm AST

http://www.trinidadexpress.com/20170427/business/republic-posts-630m-profit