Republic Bank records TT$993.3m in group’s profit

Nigel Baptiste - President of Republic Financial Holdings Ltd. (RFHL)

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

In announcing the results, the Group’s Chairman, Ronald F. deC. Harford said: “As was the case for 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 is ‘‘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 GH¢400million 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.

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