May 2012 Financial News

Republic posts $550m profit

May 03, 2012

The Republic Bank Group has recorded a net profit attributable to shareholders of $550.1 million for the financial half-year ended March 31.

This represents a 4.7 per cent improvement over the comparable period last year, the bank said yesterday.

In announcing the Group's half-year results Republic Bank chairman Ronald Harford said, "Republic Bank's total assets exceeded the $50 billion mark, reflecting a creditable growth of 7.4 per cent for the six months ended March 31, 2012. These hallmark achievements are noteworthy especially as we celebrate our 175th anniversary on May 15 this year."

He added, "No other financial institution has had such an illustrious history in Trinidad and Tobago and we are proud of this achievement, as it reflects the bank's enduring strength and prudent management over the long term.

Harford said that the prevailing economic conditions across the bank's major markets were mainly characterised by soft interest rates and tightening margins.

"We therefore continue to focus on cost containment and treasury management, strategies which continue to serve us well. A notable 5.4 per cent growth in our advances portfolio has helped to negate the impact of the market challenges."

Total assets now stand at $50.8 billion, up 7.4 per cent from September 30 2011.

The bank's board of directors has decleared a half-year dividend of $1.25 (2011:$1.25) to be paid on May 29.

The Bank remains confident that this performance will be sustained for the fiscal year.


Source:
Trinidad Express
Thursday May 3, 2012

http://www.trinidadexpress.com/business/Republic_posts__550m_profit-150112765.html