Republic Financial announces $728m half-year profit

Republic Financial Holdings Ltd has earned $728.7 million in profit – attributable to equity holders – for the first six months of its financial year ending March 31.

“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," chairman Vincent Pereira said in a statement on Tuesday.

“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 said.

Pereira also announced that total assets stood at $113.3 billion, an increase of $6.2 billion or 5.8 per cent over the total assets for the same period last year.

He attributed the increase to growth in customer deposits across subsidiaries in the Cayman Islands, British Virgin Islands, Guyana and TT.

He added that as countries relaxed covid19 protocols, tourism-dependent countries were able to see benefits through increased activity in this sector, and the group for the first half of its financial year also continued to relax most protocols.

“This buoyancy was somewhat offset by continued supply-chain disruptions and inflationary pressures, originally due to the covid19 pandemic and now exacerbated by the uncertainty, destruction and disruption as a result of the Russia/Ukraine war,” he said, however.

Pereira congratulated the group’s teamwork which enabled the positive outcome.

He noted that an interim dividend of $1.05 per share (compared to $1 in 2021) will be payable on May 31.