Republic Financial earns $400m in first-quarter profits

Republic Financial Holdings Ltd (RFHL) recorded $400 million in profits for the three months ended December 31, 2022, according to a recent statement issued by the group.

The profits represent an increase of 1.10 per cent or $4.4 million, compared to the same period in the preceding year.

For the three-month period ending December 31 2021, RFHL earned $395.9 million.

Chairman Vincent Pereira said the increase was attributable to growth in customer deposits across subsidiaries in TT, Guyana, Barbados, the Eastern Caribbean and Suriname.

“The group’s first quarter results reflect the strong performance of our US dollar denominated subsidiaries in the Cayman Islands and the British Virgin Islands because of the rising interest rate environment, together with the continued recovery in most of our Caribbean subsidiaries,” Pereira said, according to the release.

He added that the gains were offset by a specific credit loss arising out of the government of Ghana’s restructuring of its domestic and international debt.

“This credit loss negated the otherwise strong operating performance of our subsidiary in Ghana. The overall net improvement does highlight the value of the group’s international diversification strategy and the resilience of our operations,” he said.

“We remain confident that the underlying strength of the group will enable us to continue to manage any challenges ahead.”