Republic Bank announces US$82 million in Q1 profit

 

 

Chairman of Republic Financial Holdings Limited (RFHL), Vincent A. Pereira, indicates that the Group recorded a profit attributable to equity holders of US$82 million for the three-month period ended December 31, 2024, an increase of US$7 million or 8.8 per cent year-on-year, driven by growth across the Group’s core banking operations and management of costs.

Total assets stood at US$18.5 billion at December 31, 2024, an increase of US$1.3 billion or 7.3 per cent over the total assets at December 2023. This increase was mainly fueled by growth in the loan portfolios across all subsidiaries.

Republic Bank described as the largest credit card operator in Trinidad and Tobago with assets under management of over US$4.1 billion.

The bank is a subsidiary of Republic Financial Holdings Limited (RFHL) Trinidad and Tobago which is the registered owner of Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) N.V., Cayman National Corporation, Republic Bank (EC) Limited, Republic Bank (Anguilla) Limited, Republic Bank (St. Maarten) N.V. and Republic Bank (Ghana) Plc., Republic Bank (BVI) Limited as well as Republic Wealth Management Limited, Republic Life Insurance Company Limited and other subsidiaries.

In announcing the results Pereira said, “The Group has delivered a strong performance that demonstrates our resilience and adaptability despite ongoing challenges in the global, regional, and local markets.”

He added, “Based on these results, the Board of Directors has declared the first quarterly interim dividend for the year, of US$0.08 per share, payable on February 28, 2025, to all shareholders on record at February 19, 2025.

“Despite the challenges posed by inflationary pressures, geopolitical tensions, and fluctuating interest rates, the Group remains committed to delivering long-term value to our shareholders.”

Across markets, RFHL offers banking services, including credit and debit card issuance and processing, leasing, trustee services, mutual fund and investment management, and merchant banking.

As at September 30, 2022, the Group’s asset base stood at US$16.6 billion, and declared a net profit after tax and noncontrolling interest of US$252 million. The Group in 2022 employed more than 6,035 staff in 23 subsidiaries operating in 14 countries.

 Photo: Chairman of Republic Financial Holdings Limited Vincent A. Pereira by the voiceslu.com

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