REPUBLIC Financial Holdings Ltd (RFHL) has announced a $144 million increase in profits for the first half of 2021, as compared to 2020.
In its unaudited financial reports RFHL announced a total of $687.3 million in half-year profits, as compared to $543.3 million the previous year.
Chairman Vincent Pereira said the profits were attributed to the group's acquisition of the British Virgin Islands operations of Scotiabank in June last year and the stabilisation of its credit portfolio.
As a result the company is $8.7 billion richer, with an 8.8 per cent increase in assets as compared to 2020.
Pereira said while there continues to be uncertainty over covid19, he is still confident the group is well positioned to generate positive results while supporting the recovery of the economy.
He also said, “I would like to acknowledge our staff, customers and communities in St Vincent and the Grenadines who continue to work tirelessly in dealing with the effects of the recent volcanic eruption. We want to assure them that the Republic Group is fully committed to assisting in their recovery efforts. I am confident that, as in 1979, they and the economy will emerge stronger.
"I would like to also acknowledge the efforts of all staff of the group for their continued commitment to serving our clients and communities with excellence.”