RFHL earns $503m in profit

Republic Financial Holdings Ltd (RFHL) recorded a profit of $503 million for the three-month period ending on December 31, according to its consolidated financial highlights published on the TT Stock Exchange’s website on February 5.

The highlights indicated RFHL had recorded a profit attributable to shareholders of $400 million for the same period the year before.

RFHL had a profit before tax of $714 million for the period as compared to $571 million for the same period the year before.

It also earned $1.75 billion in profits attributable to shareholders for the financial year ended on September 30, 2023.

Chairman Vincent A Pereira said first-quarter results reflected the impact of strong growth in loans and investments, combined with the continued strong interest-rate environment for its US-denominated subsidiaries.

He added that with the exception of one-off losses reported in the prior period, core profits after tax and non-controlling interests increased by $33 million and reported profits increased by $103 million.

The group also recorded a $1.7 billion increase in assets, now standing at $115.2 billion up to the end of 2023.

"The group continues to work on improving its employee engagement, customer focus and digital strategy to continue adding value to our customers, staff and stakeholders," he said. "While challenges persist, we believe that we are well positioned to navigate the continued global economic uncertainties."