May 2017 Financial News

Republic profits increase by 7.5 per cent

May 01, 2017

Republic Financial Holdings Limited (RFHL) has reported profits of $630.5M for the half-year ended March 31, 2017. This profit according to RFHL represents an increase of $44.2M or an increase of 7.5 per cent compared to March 31, 2016.

The directors declared a half-year dividend of $1.25 per share payable on June 1, 2017, the same amount paid by the financial institution in 2015.

Looking at its total assets, RFHL increased its assets position to 1.8 per cent at half-year’s end in 2017, compared to March 31, 2016. It’s asset position stood at $68.9B as at March 31, 2017

Group chairman, Ronald Harford said the 2017 half year results were “mainly driven by a reduction in loan impairment expense and taxes in the group’s subsidiary in Ghana.”

This comes, four years after Republic Bank Ltd acquired 68,854,703 shares in HFC Bank Ghana which made RBL the largest shareholder in that bank.

Harford added that an improvement in the performance of the group’s operations in T&T also contributed to these results, and that “the group remains focused on improving asset quality and operational efficiency. Notwithstanding the challenging global economic environment, we expect to achieve a creditable performance for 2017.”

In its 2016 annual report, Republic disclosed that Clico Trust Corporation and Clico Investment Bank were the bank’s largest and third largest shareholders owning between them owned 56,269,204 shares.

Source:
Trinidad Guardian
Saturday April 29, 2017

http://www.guardian.co.tt/business/2017-04-29/republic-profits-increase-75-cent