REPUBLIC BANK RECORDS TT$993.3 MILLION IN GROUP’S PROFIT

REPUBLIC BANK RECORDS TT$993.3 MILLION IN GROUP’S PROFIT

Republic Financial Holdings Limited (RFHL), the parent company of Republic Bank (Ghana) Limited has recorded a profit attributable to shareholders of TT$993.3 million for the nine-month period, ended June 30, 2018, representing an increase of $34.4 million or 3.6% over the corresponding period  last financial year. Total assets stood at TT$69.6 billion as at June 30, 2018.

In announcing the results, the Group’s Chairman, Ronald F. deC. Harford, said, “As was the case for the first half of the fiscal year, the improvement in profitability was driven mainly by better performance in our overseas subsidiaries including Ghana. The profitability of the Trinidad and Tobago operations remains flat due to an increase in the tax rate.”

According to the Chairman, the Group expects to maintain a satisfactory performance to the end of the fiscal year, he noted that the group was ‘‘well positioned to withstand the economic challenges ahead with a strong balance sheet, robust capital and adequate liquidity.”

Mr. Harford expressed his appreciation for the continued support of management, staff and customers of the Group.

Republic Financial Holding limited, the majority shareholder of Republic Bank Ghana contributed significantly in meeting the minimum capital requirement of GHS400 million by the Bank of Ghana.  The Group currently employs more than 5,484 staff in 16 subsidiaries in Trinidad and Tobago, Grenada, Guyana, the Cayman Islands, Barbados, Ghana, and Suriname. Republic Financial Holding Limited has been operating for more than 181 years and is the most profitable Bank in the English speaking Caribbean.