Nov 2010 Financial News

Republic has solid returns

Nov 04, 2010

The Republic Bank Group has achieved earnings attributable to equity holders of $993.9 million for the year ended September 30, 2010.

This figure represents an increase of 4.8 per cent over the performance of 2009, the group said yesterday.

In attributing the group's "solid" performance to the loyalty of customers and shareholders as well as the continued hard work of its boards of directors, management and staff, Republic Bank chairman, Ronald Harford said, "Careful management of resources and lower provisioning contributed to these improved results in an environment of high liquidity, falling interest rates and low loan demand."

"With a continued focus on a strong balance sheet, our Tier II capital adequacy ratio of 29.95 per cent is significantly above the required minimum of eight per cent and, with a liquid asset ratio of 30 per cent, we are well positioned to take advantage of any growth opportunities that may arise," Harford added.

The group's asset base grew over the period by 8.1 per cent and now stands at $46 billion.

Republic Bank's board of directors has declared a final dividend of $2.40, payable on December 3.

This brings the total dividend for the year to September 30, 2010 to $3.55.


Source:
Thursday November 4, 2010
Trinidad Express

http://www.trinidadexpress.com/business/Republic_has_solid_returns-106741048.html