Republic Financial Holdings Ltd records $1.26b profit at the end of Q3

Republic Financial Holdings Ltd (RFHL) has recorded a profit of $1.26 billion for the nine-months ended June 30.

This represents an increase of $117.1 million or 10.2 per cent over the $1.15 billion reported in the corresponding period of the last financial year.

According to the unaudited third quarter financial statements – published on the TT Stock Exchange website on Monday – RFHL said its performance continued to be strong, boosted by sustained growth in its loans and investment portfolios across all subsidiaries.

The group’s total assets stood at $114.4 billion at the end of Q3, an increase of 1.3 per cent or $1.43 billion compared to Q3 2022.

RFHL said this increase was attributed to growth in customer deposits across its subsidiaries in the Cayman Islands, Eastern Caribbean, Guyana and Barbados.

RFHL’s chairman Vincent Pereira – in a statement attached to the financial report – said the group will continue to maintain its focus on revenue generation, expense management, digital enhancement strategies, employee and client satisfaction, as it approaches the end of the fiscal year.

“Our ESG initiatives will continue to be prioritised with the launch of the Micro, Small and Medium Enterprises lending programme in TT in June 2023. Together with the rollout of our climate finance solutions and our commitments under the UN Principles of Responsible Banking, they will provide a boost to smaller businesses in urgent need of financing for socially responsible projects,” Pereira said.