Nov 2011 Financial News

Republic Bank records improved results

Nov 15, 2011

REPUBLIC Bank Limited of Trinidad and Tobago, and owner of the Barbados National Bank, is reporting improved results for the financial year to September 30, 2011.

Recent results published in the press show Republic Bank Group recording record profit attributable to shareholders of US$177.7 million, a 12.8 per cent increase over last year’s performance.

Chairman of Republic Bank, Ronald Harford said the Group’s assets now stand at US$7.5 billion, reflecting an increase of three per cent over 2010.

For the year in review Republic reported a diluted EPS of US$1.11, compared to US$0.98 a year ago. In addition, Return on Average Assets was 2.51 per cent up from 2.43 per cent last year and Dividends Pet Share of US$0.64 compared to US$0.56 in 2010.

The Board of Directors declared a final dividend of US$0.44 compared to US$0.38 a year earlier.

The Group’s Net Interest and other Income total US$526.1 million, compared to US$480.1 million, according to the results.

Harford said that outlook for the bank in 2012 hinges on what happens in the region.

According to him, “the outlook for 2012 is one of flat performance across the (Caribbean) region, except for resource - endowed countries like Guyana and Trinidad and Tobago where better growth rates are expected,” said the Republic bank’s Chairman.

He said that they remain hopeful that the Trinidad and Tobago Government’s recent 2011/2012 budget which focused on job creation, spurring investment activity and national security, will contribute to an improved economic environment. (JB)


Source:
Barbados Advocate
Tuesday November 15, 2011

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=20932