Republic Financial Holdings announces US$109.1 million profit

Port of Spain – Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced Wednesday a US$109.1 million profit for the half-year ended March 31, 2022.

Total assets stood at US$16.97 billion at March 31, 2022, an increase of US$0.93 billion or 5.8 per cent over the total assets at March 2021, mainly due to growth in customer deposits across subsidiaries in the Cayman Islands, BVI, Guyana, and Trinidad and Tobago.

Announcing the results, Pereira said: “This represents an increase of US$6.2 million or 6.02 per cent over the US$102.9 million reported in the corresponding period of the last financial year. While this performance remains seven per cent below our pre-COVID 2019 half-year performance, it continues a satisfying upward trend in the group’s performance, reflecting our efforts towards better cost management and increased support of our clients across the Group.”

He noted that during the first half of the group’s financial year, all territories in which it operates continued to relax most COVID-related protocols.

While many countries retained some travel-related protections as well as public mask mandates, most removed curfews and restrictions on gatherings, reopened schools and permitted almost all commercial activities.

“The tourism-dependent territories benefitted the most from this easing of restrictions as these have all experienced increased activity in this sector. This buoyancy was somewhat offset by continued supply chain disruptions and inflationary pressures, originally due to the COVID-19 pandemic and now exacerbated by the uncertainty, destruction, and disruption as a result of the Russia/Ukraine war,” Pereira said.

The RFHL chairman expressed his gratitude to the Republic team, saying that it was “their commitment every day to serve our clients and communities with excellence that has enabled this outcome for the RFHL Group”.

The board of directors has declared an interim dividend of US$0.16 per share payable on May 31. (CMC)

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