The Parent company of Republic Bank Ghana, Republic Financial Holdings Limited of Trinidad and Tobago, has announced a profit attributable to equity holders of US$198million for the year ended September 30, 2018 (Trinidad’s Financial Year-end).
This represents an increase of US$10.6million or 5.6 percent over profit reported in the previous financial year.
According to Chairman of the Bank, Ronald F. deC. Harford, the group’s operations in the Cayman Islands and Eastern Caribbean were the major contributors to the increase in profitability, generating US$8.2million – followed by stronger performances in Suriname and Ghana.
Mr. Harford also added that the group continued its expansion activities during the year, and in September 2018, made an offer to acquire a minimum of 51 percent and up to 74.99 percent of the ordinary shares of Cayman National Corporation Limited, the parent company of Cayman National Bank Limited, at a cost not to exceed U$198million. As at November 7, 2018, 81.37 percent of shareholders had accepted the offer. The acquisition is now subject to all necessary government and regulatory approvals.
In August 2018, Republic Bank (Ghana) Limited met the Bank of Ghana’s new minimum Capital Requirement of GH¢400million. According to Mr. Harford, The Group invested an additional US$43.7million in Ghana – thereby increasing the Group’s shares in Republic Bank Ghana to 66.54%.
Commenting on the Group’s performance, the Managing Director of Republic Bank Ghana, Mr. Anthony Jordan recognised the great strides Republic Bank has made over the years in Ghana. According to him, the strategy in the last three years was to put the bank on a better footing by restructuring major business lines and support services.
“We have made significant changes in the bank, and the last major one was the Rebranding from HFC Bank to Republic Bank that occurred in April this year. We are happy about the improved performance of Republic Bank Ghana, and we can assure our customers, shareholders and Ghanaians of even better service in 2019.”
Republic Financial Holding Limited, the single majority shareholder of Republic Bank Ghana, currently employs more than 5,484 staff at 16 subsidiaries in Trinidad and Tobago, Grenada, Guyana, the Cayman Islands, Barbados, Ghana and Suriname. The bank has been operating for more than 181 years, and is the single-most profitable bank in the English-speaking Caribbean.