Republic Financial Holdings records $340M profit

Republic Financial Holdings Ltd (RFHL) has recorded TT$340 million in profit attributable to shareholders for the quarter ending December 31, 2017.

Announcing the results last Thursday, RFHL chairman Ronald Harford said the improvement in profitability was driven mainly by better performance in the group’s overseas territories.

"The profitability of the TT subsidiaries declined because of an increase in loan impairment expense of $34 million and increase in taxation of $14.4 million, arising from the five percent higher tax rate."

Republic Bank TT is one of RFHL's subsidiaries.

The $340 million profit represents an increase of $10.2 million or 3.1 per cent over the corresponding period in 2016. Total assets of RFHL stood at $70 billion at December 31, 2017, an increase of 2.2 per cent over total assets as at December 2016 and 1.5 per cent over September, 2017.

The RFHL chairman also said he remains optimistic that despite the economic challenges in several key markets, the sound performance achieved in this quarter will continue for the remainder of the financial year.