Republic financial group records $1.3b in profits

Republic Financial Holdings Ltd (RFHL) has reported a 44 per cent improvement as it recorded $1.3 billion in profits for the year up to September 30.

In its audited annual group report, published on Tuesday, the group reported a profit attributable to equity holders of $1,308,054,000 for the year up to September 30, as compared to $904,056,000 for the same period in 2020.

Chairman Vincent Pereira said RFHL’s performance was bolstered by the full year’s contribution of its new subsidiary in the British Virgin Islands, which was acquired from Scotiabank in June 2020, and notable improvements in Ghana and the Cayman Islands.

He added that the group continued its efforts to support clients through deferral of loan payments, reduced interest rates and discounted fees, which resulted in reduced revenues and increased costs across the group.

“The group has also made meaningful steps toward our sustainability initiative through alignment with the UN's Sustainable Development Goals. In April 2021 we joined a group of the leading global commercial banks founding signatories to the Net-Zero Banking Alliance. In June 2021, we announced our TT$1.3 billion Climate Finance Goal to finance activities that reduce the impact of climate change and create environmental solutions in collaboration with our clients,” Pereira said.