RFHL reports $1.5b in profits

Republic Financial Holdings Ltd (RFHL) has reported a 17 per cent profit increase for the nine months ended June 30, according to its unaudited financial statements.

The group recorded $213 million, raising the group's profit attributable to equity holders to $1.5 billion, up from the $1.3 billion recorded in the same period last year.

The increase includes a $127 million or nine per cent rise in core profits after tax and non-controlling interest, excluding one-off losses reported in the previous period.

RFHL's total assets as of June 30 stood at $118.4 billion, up by $4 billion or 3.5 per cent compared to June 2023.

In a statement, chairman Vincent Pereira highlighted the group's progress in achieving its strategic goals and strengthening its market position across various sectors.

"Digitisation efforts now include both the first fully digital onboarding process for a life insurance policy and a fully digital account opening process for our E-free deposit product in two subsidiaries, TT and the British Virgin Islands," he said. "The group continues to work on improving employee engagement, customer satisfaction and digitisation to enhance value to all stakeholders."

Pereira said despite tightening liquidity in some markets, RFHL reported a $5.5 billion or 9.2 per cent increase in its total loan portfolio, attributed to focused selling efforts and quality customer service.

As a result, the board declared a third quarterly interim dividend of $1 per share, payable on August 30, to all shareholders on record as of August 16, bringing the total dividend to $2.15.

Pereira also addressed RFHL's relief efforts in the wake of Hurricane Beryl, which struck the Caribbean on July 1, causing damage to Barbados, St Lucia, St Vincent and the Grenadines, and particularly Grenada’s Petite Martinique and Carriacou

"To this end, the RFHL Group rallied to provide support and assist with recovery efforts in the affected countries."

It partnered with non-governmental organisations, government agencies and other corporate entities to help supply necessities such as food, clean water, medical and building supplies.

RFHL also activated disaster-relief accounts in all operating countries and encouraged staff and the public to support relief efforts.

"The group remains committed to playing its role in ensuring their timely recovery and standing together in support and solidarity during this challenging time, remaining confident that the resilience of the people will triumph," said Pereira.