May 2011 Financial News

'Republic' records $525.3m profit

May 06, 2011

The Republic Bank Group has recorded a net profit attributable to shareholders of $525.3 million for the financial half year ended March 31.

This represented a 14 per cent increase over the corresponding period last year, the banking group said yesterday.

Republic Bank chairman Ronald Harford, in announcing the Group's half-year results said: "Over the six month period October 2010 to March 2011, the business environment continued to be characterised by high levels of liquidity, low interest rates and lacklustre loan demand."

"Against this backdrop, the Group has achieved a very satisfactory profit attributable to shareholders of $525.3 million for the half year ended March 2011," he said.

He added: "The main drivers for our improved performance have been our effective treasury management, our focused approach to the control of operating expenses, and the quality of our loan and investment portfolios."

Total assets now stand at $46.3 billion, up five per cent on the prior year.

The bank's board of directors has declared a half-year dividend of $1.25 (2010:$1.15) to be paid on May 27.

Given the very satisfactory results, the bank expects a creditable year-end performance, Republic added.


Source:
Trinidad Express
Friday May 6, 2011

www.trinidadexpress.com/business/_Republic__records__525_3m_profit-121367444.html