May 2013 Financial News

$552.5m profit for Republic

May 03, 2013

Republic Bank has recor­ded a $552.5 million profit for the half-year ended March 31, 2013. This is a 0.4 per cent increase over the corresponding period last year, the bank said in a statement yesterday.

Chairman Ronald F deC Harford said the performance for the current period was adversely impacted by an impairment charge of $49 million for the recently defaulted Government of Grenada Bond, booked in accordance with applicable International Financial Reporting Standards.

He added, “The recent upswing in credit demand and strong growth in other income, have helped the group achieve a satisfactory half-year performance.”

Republic, the largest indigenous financial institution, now has total assets standing at $54.8 billion, an increase of 8.2 per cent over March 2012 and 6.3 per cent over the year ended September 2012. “Should these trends continue, we expect to sustain this performance through to the fiscal year end,” Harford said.

The board of directors has declared a half-year dividend of $1.25 (2012:$1.25) payable on May 31, 2013. Republic Bank shares closed trading yesterday on the Trinidad and Tobago Stock Exchange at $108.90 per stock unit.


Source:
Trinidad Express
Friday May 3, 2013

http://www.trinidadexpress.com/business/5525m-profit-for-Republic-205895771.html