RFHL reports $2b in profits

REPUBLIC Financial Holding Ltd (RFHL) has announced a profit of $2 billion for the year ended September 2024.

In a statement on November 11, RFHL said the group reported an increase of 14.6 per cent or $0.25 billion from the previous corresponding period.

RFHL chairman Vincent Pereira said the group has made progress in executing its strategy in the last year.

"By maximising the value of our core business segments – retail, mortgage, small and medium enterprise (SME) and corporate markets – and through the group’s commercial excellence programme, we continued to optimise efficiency and simplify how the group delivers performance."

He added that the group continued to "strategically expand" in the insurance and wealth management sectors.

"This value-led growth approach has enabled us to solidify our market presence while continuing to create space to explore new opportunities."

RFHL has declared a final dividend of $3.55 per share, bringing the total dividend to $5.70 per share for the fiscal year (2023: $5.20), an increase of 9.6 per cent or $0.50, over the previous year, in line with the 9.2 per cent increase in core profits after tax.

"The final dividend will be paid on December 4 to shareholders on record as of November 21. With a closing share price of $111.93, this equates to a dividend yield of 5.09 per cent. The group’s capital adequacy ratios remain robust across all countries and at the consolidated level," Pereira said.

He also highlighted the work being undertaken by the group in sustainability.

"During 2024, the group continued to grow its sustainability capability and focus, ensuring this remains a priority as we make strides in reducing our environmental footprint, improving energy efficiency and supporting our customers through financing for sustainable growth."

Pereira closed by thanking the shareholders, customers and business partners for their support and trust in RFHL.

"Your commitment is the foundation of our success, and we are grateful for the confidence you place in us.

"We look forward to sharing more successes with you as we work together to continue to grow and strengthen our organisation," he said.