Republic financial group records $1.5b in profits

REPUBLIC Financial Holdings Ltd (RFHL) recorded $1.526 billion in end of year profits for the year up to September 30 – a 16.7 per cent improvement from the previous period.

A media release on Monday said this represents an increase of $218 million over the 2021 profits of $1.308 billion, but $55 million, or 3.5 per cent below the 2019 profits of $1.581 billion.

Chairman Vincent Pereira said RFHL's performance reflects the impact of the group’s expansion, revenue diversification, cost management strategies, the uptick in economic activity as well as the increase in yields in the US dollar-denominated financial instruments.

The relaxed covid19 protocols augured well for the group, the media release said.

Pereira said RFHL strengthened its sustainability focus, added capacity and execution capability through the creation of an office of sustainability.

"Through our group's flagship Power to Make a Difference Programme we are forging new partnerships with NGOs and groups whose specific focus aligns to the pillars of our sustainability and Environmental, Social and Governance (ESG) effort.

"By continuing our focus on responsible banking and sustainability, our goal is to actively shape a more sustainable future for all.”

The board of directors declared a final dividend of $3.45 per share, which brings the total dividend to $735.8 million per share for the fiscal year, an increase of 12.5 per cent in total dividend payment over 2021, and in line with the 2019 dividend payment.

At a closing share price of $140.01, this dividend represents a yield of 3.21 per cent (2021: 2.93 per cent).

The final dividend will be paid on December 1. Pereira complimented the group's performance in spite of its challenges.

"This success could not have been realised without the talented, resilient and dedicated staff across each of the 14 countries in which we operate. For their continued high level of commitment, and their dedication to our customers, I am truly grateful.”