Nov 2014 Financial News

Republic Banks 2014 profit up 3.7%

Nov 07, 2014

Republic Bank yesterday reported profit attributable to shareholders of $1.19 billion for the year ended September 30, 2014, which was an increase of 3.7 per cent over the revised 2013 results, the bank announced yesterday. In the chairman’s highlights accompanying the extracts from the consolidated financial statement, Ronald Harford said that inaccordance with IAS 19-employee benefits (revised), the banking group was required to restate its 2013 profits downwards by $19 million, which resulted in year-on-year growth of 3.7 per cent.

The Republic chairman said the bank’s core business as reflected in net interest income increased by $37.4 million or 1.7 per cent, notwithstanding a declining interest rate environment, as a result of growth in loans and advances of $1.9 billion or 7.4 per cent. Harford said the improvement reported in the quality of the loan portfolio was “equally satisfactory” with the non-performing loan ratio declining from 3.7 per cent in 2013 to 3.5 per cent in 2014. 

The level of provisioning for non-performing loans increased from 37 per cent in 2013 to 40 per cent in 2014. Harford said: “The group’s performance was achieved against the backdrop of challenging economic climates in two of the territories in which we operate. While the core operations in T&T and Guyana continued on their growth path, overall profitability in Guyana remained flat in 2014 due to increased provisions for loans to the sugar industry.”

Source:
Trinidad Guardian
Friday November 7, 2014

http://www.guardian.co.tt/business/2014-11-07/republic-bank%E2%80%99s-2014-profit-37