Aug 2012 Financial News

Republic Bank earns $845.5m in profit

Aug 03, 2012

The Republic Bank Group has recorded a net profit attributable to shareholders of $845.5 million for the third quarter ended June 30.

This represents an increase of 4.9 per cent over the comparable period last year, the bank said in a statement yesterday.

Republic Bank chairman Ronald Harford, in announcing the Group's results, said, "Our Trinidad and Tobago business has shown a 5.6 per cent increase in credit demand; however this has been offset by high system liquidity and low interest rates. The subsidiaries in Grenada, Barbados and Guyana have produced marginally improved performances. We continue to focus on our efficiency ratio and treasury management strategies to sustain this improved result for the fiscal year."

The Group's asset base grew over the period by 8.8 per cent, now surpassing the $51 billion mark.

Harford expressed appreciation for the continued support of management, staff and customers of the Republic Bank Group, the statement added.


Source:
Trinidad Express
Friday August 3, 2012

http://www.trinidadexpress.com/business/Republic__Bank_earns___845_5m__in_profit-164837256.html