RFHL reports $547m in Q1 profits, marks 8.8% year-on-year growth

REPUBLIC Financial Holdings Ltd (RFHL) has announced a profit attributable to equity holders of $547 million for the first quarter ending December 31.

This represents an increase of $44 million, or 8.8 per cent, compared to the same period in 2023.

The growth was attributed to strong performance in the group’s core banking operations and effective cost management.

Total assets for the Group rose to $123.6 billion as of December 31, reflecting a $8.4 billion or 7.3 per cent increase over the previous year.

This growth was primarily driven by expansion in loan portfolios across all subsidiaries.

In a statement, RFHL chairman Vincent A Pereira celebrated the group’s resilience amid local, regional and global economic challenges.

“The group has delivered a strong performance that demonstrates our resilience and adaptability,” Pereira said, adding that RFHL was committed to supporting individuals, businesses and communities in their financial endeavours.

The board of directors declared a first quarterly interim dividend of $0.55 per share, payable on February 28, to shareholders on record as of February 19.

Pereira said that despite inflationary pressures, geopolitical tensions and fluctuating interest rates, RFHL remained focused on delivering long-term value to shareholders.

He credited the group’s diversified business model, innovation, digitisation and customer service for its sustained performance.

Pereira thanked employees, customers and shareholders for their continued support.

“Together, we will continue to build on this strong foundation and look ahead to a bright future,” he said.