Jan 2010 Financial News

Slowdown cuts Republic's profit

Jan 29, 2010

The Republic Bank Group has posted a profit attributable to shareholders of $236 million for its first quarter ended December 31, 2009.

This represented a decline of 14.7 per cent from the corresponding period last year, Republic Bank chairman Ronald Harford said yesterday.

The group’s asset base remains stable, with total assets of $44.9 billion when compared to the $42.4 billion at September 30, 2009, reflecting growth of 5.7 per cent, he said in a statement.

Harford stated: ’These results reflect the continuing weakness in the economies in which we operate. In Trinidad and Tobago, credit demand has stagnated and the steep decline in interest rates has negatively impacted our net interest margins. In the rest of the region, there has also been a slowdown in economic activity as tourism has contracted and remittances have shrunk.’

He added: ’On the positive side, Central Bank reports suggest some improvement in the Trinidad and Tobago economy during the last quarter of 2009 and the decline in tourism in the rest of the region appears to be slowing. The Group remains cautiously optimistic about its results for the financial year.’

For its financial year ended September 30, 2009, the banking group posted a profit attributable to shareholders of $948.4 million.


Source:
Curtis Rampersad
Trinidad Express
Friday, January 29th 2010

http://www.trinidadexpress.com/index.pl/article_business?id=161588781