May 2012 Financial News

Successful six-month period for Republic Bank Ltd

May 14, 2012

REPUBLIC Bank Limited, which owns the Barbados National bank Incorporated, is reporting assets of BDS$15.8 million at the end of March this year.

According to Chairman Ronald Harford, this comes as the bank reports creditable growth of 7.4 per cent for the six-month period.

He said that profits attributable to shareholders of BDS$173.2 million represents a 4.7 per cent improvement over the comparable 2011 period.

“These hallmark achievements are noteworthy especially as we celebrate our 175th anniversary on May 15, this year,” Harford reported.

“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 and prudent management over the long term,” he remarked.

Harford added that the prevailing economic conditions across Republic’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 challenge,” he stated.

The Republic Bank’s Board of Directors has declared a half-year dividend of BDS 40 cents a share payable on May 29.

“We are confident that this performance will be sustained for the fiscal year,” Harford added.

In the meantime, the BNB’s Board of Directors has declared an interim dividend of three cents a share. That interim dividend will be paid on May 30 to shareholders on record at close of business on May 16, 2012.

The BNB’s share price quoted on the Barbados Stock Exchange is $5.50 a share.

Republic Bank currently owns the majority of the shareholding in the BNB.

In July this year, the BNB will be renamed Republic Bank (Barbados) Limited.


Source:
Barbados Advocate
Monday May 14, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=24680