Apr 2016 Financial News

Republic announces $586 million half-year profit

Apr 28, 2016

Republic Financial Holdings Limited, the parent company of Republic Bank Limited, has announced more than half a billion dollars in profit attributable to shareholders.

This represents a 2.4% increase over the previous year.

The following is the statement from RFHL:

"Republic Financial Holdings Limited (RFHL) has recorded a profit attributable to shareholders of $586.3 million for the half-year ended March 31, 2016, an increase of 2.4% over the corresponding period in 2015. Total assets stood at $67.6billion at March 31, 2016, an increase of 13.3% over March 2015.

The Group’s Chairman, Mr. Ronald F. deC. Harford, in announcing the results said, “Excluding the contributions of the Suriname and HFC Bank (Ghana) operations which were not subsidiaries in the comparative period, the Group’s net interest income and other income, grew by $154million (8.6%), driven by a 12.7% increase in loans and advances.”

Mr. Harford continued saying, that this performance was off-set by increased operating expenses of $63.4 million and by higher loan impairment expenses of $48.8 million across the Group. “The Economic challenges in the commodity producing economies in which we operate, continue due to falling prices. However, the Republic Group, is well positioned to withstand these challenges due to our experienced management, high levels of capital, good quality assets and strong underwriting standards,” Mr. Harford added.

The Board of Directors has declared a half-year dividend of $1.25 (2015:$1.25) per share payable on June 01, 2016."

Source:
CNC3
Thursday April 28, 2016

http://www.cnc3.co.tt/press-release/republic-announces-586-million-half-year-profit