Republic records $391.1m Q1 profit

Republic Financial Holdings Ltd (RFHL) on Monday announced a $391.1 million first-quarter profit for the period ending December 31. This is a $17.3 million or 4.6 per cent increase year-on-year.

In a statement, chairman Vincent Pereira said while results reflected the negative impact of covid19, in that the group saw a reduction in net interest margins, fees and commissions, this was offset by the positive impact of its acquisitions in the British Virgin Islands in June 2020.

He commented, “The uncertainty over the duration of the covid19 pandemic and the timing of any economic recovery will continue to place downward pressure on our performance.

"However, we remain confident of the future as our strong capital base and our robust governance structure will provide the platform to meet the challenge. Our focus remains on building the group’s resiliency through various initiatives aimed at improving efficiency, supporting our customers through these trying times, expanding our suite of electronic products and making it easier for clients to access these products remotely,” he said.

He added that the group will continue to work with customers, provide a safe working environment for employees and assist communities via its Power To Make a Difference programme.