Jan 2016 Financial News

Republic records $306.4M profit

Jan 28, 2016

REPUBLIC Financial Holdings Limited (RFHL), formerly Republic Bank Limited, has recorded a $306.4 million profit attributable to shareholders for the quarter ending December 31, 2015. In a statement issued yesterday, the bank said this represents “an increase of 3.1 percent over the corresponding period in 2014”.

Total assets stood at $65.7 billion at December 31, 2015, which, when compared to the same period in 2014, reflectes an increase of 9.4 percent.

RFHL Chairman, Ronald Harford, said “excluding the contributions of the Suriname and Ghana operations, which were not subsidiaries in the comparative period, net interest income grew by $97 million or 13 percent, driven by an 11 percent increase in the loan portfolio.” “However,” he added, “this was off-set by increased operating expenses of $25 million, excluding Suriname and Ghana, and higher loan impairment expenses of $70 million across the group.” Noting that the significant fall in commodity prices will adversely impact Trinidad and Tobago’s economy, Harrford said, “However, we expect improved performance in the tourism economies in which we operate and from our recent acquisitions in Ghana and Suriname.” “Given our strong balance sheet and talented staff, the Group is well positioned to withstand the challenges of the year ahead.” Harford also extended well wishes to RFHL’s President and Managing Director, David Dulal-Whiteway, who will retire next month (February) and “happily welcomed” Dulal- Whiteway’s successor, Nigel M Baptiste

Source:
Sasha Harrinanan
Newsday
Thursday January 28, 2016

http://www.newsday.co.tt/business/0,223254.html