Jan 2011 Financial News

Republic Bank earns $265M profit

Jan 29, 2011

Republic Bank chairman Ronald Harford said despite a profit of $265 million in the first quarter which ended December 31, 2010, he expects the current economic climate to affect profit growth in the future.

“The economic environment is characterised by slow local and global growth, increasingly high levels of liquidity, steadily declining interest rates and weak loan demand. Going forward, we expect reduced yields, which may adversely affect profit growth,” he said in a statement yesterday.

However, he was also hopeful the modest growth noted in the economy would boost commercial activity during this year.

In the media release issued yesterday Republic Bank said the unaudited $265-million-profit is equivalent to an increase of 12.4 percent over the corresponding period last year.

The Group’s total assets now stand at $45.4 billion.

“We continue to focus on the containment of operating expenses and the application of sound risk management practices, both of which provided the basis for the commendable results in the first quarter,” Harford said.


Source:
Newsday
Saturday January 29, 2011

http://www.newsday.co.tt/business/0,134840.html