Republic Bank Group revenue increase
The profits of the Republican Banking Group continue to grow and have succeeded in thwarting the economic conditions of recession in its operating jurisdiction.
A regional financial institution headquartered in Trinidad and Tobago reported on the last three quarters of the fiscal year and announced that shareholder profits reached US $ 155.1 million (BDS 310.2 million) . This is about US $ 40 million (80 million BDS) more than last year’s total of US $ 115.9 million (231.8 million BDS).
The shareholders of the Banque de la République benefited from the feedback on this performance, as the profit for the previous year fell from $ 0.71 per share to $ 0.95.
The president of the Republic group, Vincent Pereira, has recognized the impact of the COVID-19 pandemic on the countries in which the bank operates.
“The uncertainty of the COVID-19 pandemic continues to affect the economy in which the Republic Financial Holdings Limited group operates. Vaccination programs have been launched in many countries, but with the resumption of tourist arrivals. The recovery has remained gradual and has at times been interrupted by an increase in COVID-19 cases.
“The group continues to support its customers, communities and staff through loan repayments, interest and fee concessions, enhanced business support, donations of medical and educational supplies, and immunization programs. staff, ”Pereira said. He told investors.
However, in this context, the banking group recorded a 33.8% increase in its profits attributable to shareholders.
“The improvement in results will have the impact of the acquisition in June 2020 of the British Virgin Islands (BVI) business, a reduction in the provision for bad debts and an overall improvement in the operational profitability of Ghana (Africa) and the Cayman National Corporation. This reflects, ”he added. ..
The positive progress, according to the president of Republic Holdings, was partially offset by lower net interest margins, commissions and commission income at various commercial sites.
Pereira said the low interest rates, fees and commissions represent the bank’s decision to maintain concessions to customers once a pandemic strikes.
Republic Holdings’ total assets were $ 16.2 billion (BDS 32.4 billion) as of June 30, an increase of US $ 437.7 million (BDS 875.4 million) from the same period in 2020. Bank loans and prepaid wallets have also increased. Almost 10 percent.
The President declared: “Despite the uncertainties linked to the COVID-19 pandemic, we are convinced that the Group is in a good position to continue to support efforts to recover the economy in which we operate. Pereira continues to support the promotion of vaccination throughout the Group’s territory. The “collective creativity and diligence” of “Pereira” of the inhabitants of the region is a more resilient economic renewal. He expressed his belief that he would bring about an emergence. (BMI1)