Vincent Pereira

‘MODEST IMPROVEMENT’: Republic Financial Holdings Ltd chairman Vincent Pereira.

Republic Financial Holdings Ltd (RFHL) records a profit of $1.15 billion for the nine months ended June 30, 2022.

This is an increase of $109.7 million or 10.6 per cent over the $1.04 billion reported in the corresponding period of the last financial year.

RFHL, the parent company of Republic Bank, is headquartered in Port of Spain.

RFHL’s chairman Vincent Pereira, in a news release yesterday, said its performance for this period of 2022 “reflects a modest improvement over our core pre-Covid 2019 third quarter performance, by $6.3 million or 0.6 per cent”.

“During the third quarter of the Group’s fiscal year all the countries where we operate continued the relaxation of Covid-related protocols which positively impacted the tourism-dependent areas, where economic activity continues to improve steadily. The Group also benefited from rising interest rates on US-dollar denominated securities in some of our operations,” Pereira said.

He noted that these positive impacts were somewhat dampened by continued supply chain disruptions and inflationary pressures resulting from the Russia-Ukraine war.

Pereira also said that total assets stood at $112.9 billion at June 30, 2022, an increase of $4.7 billion or 4.3 per cent over the total assets at June 2021.

“This increase was funded by growth in customer deposits across our subsidiaries in the Cayman Islands, Eastern Caribbean, Guyana, and Barbados. Amid continued economic uncertainty, the Group remains focused on cost management, improving the experiences of our clients and staff through increased investment in our digital offerings and continuing to provide a safe working environment for our teams,” he said.

Back in May, RFHL recorded a profit of $728.7 million for the half-year ended March 31, 2022.

Total assets stood at $113.3 billion at March 31, 2022, an increase of $6.2 billion or 5.8 per cent over the total assets at March 2021.

RFL said this increase was mainly due to growth in customer deposits across subsidiaries in the Cayman Islands, BVI, Guyana and Trinidad and Tobago.

Pereira said, back then, that this represents an increase of $41.4 million or 6.02 per cent over the $687.3 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 added.

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