Jan 2015 Financial News

Republic Bank records $297.3m first-quarter profit

Jan 30, 2015

The Republic Bank Group has recorded a profit of $297.3 million for the first quarter ended December 2014—an increase of 2.1 per cent over the corresponding period in 2013. Total assets stood at $60 billion at December 31, an increase of 3.7 per cent from December 2013 and 1.1 per cent over the year ended September 2014. 

In announcing the results, Republic Bank’s chairman, Ronald F deC Harford said the loan portfolio continues to grow with a year on year increase of $2.3 billion (9 per cent) and a 3.2 per cent growth for the three months to December 2014.  

This led to an increase in net interest income of $25.2 million (4.5 per cent). 

Harford said that operating expenses were up by $54 million (12 per cent) from 2013, a major contributing factor being the increased cost of compliance in the current regulatory environment.

“While a satisfactory performance was achieved for the first quarter, astute asset management will continue to be crucial given the continued sluggish economic environment in Barbados and the Eastern Caribbean, the decline in oil prices and its potential impact on government expenditure and economic growth in Trinidad and Tobago,” he said.

Harford further stated that the group remains well positioned for the future as it is well capitalised with declining non-performing loans and high liquidity.

Source:
Trinidad Guardian
Friday January 30, 2015

http://www.guardian.co.tt/business/2015-01-30/republic-bank-records-2973m-first-quarter-profit